7. (1) The Bank shall, after consultation with the Minister, make regulations specifying the circumstances in which one or more risks falling within a relevant class of non-life insurance are to be regarded, for the purposes of this Act, as risks based in the State.

(2) Without prejudice to the generality of section 23(1) of the Interpretation Act 2005, the duty imposed on the Bank by subsection (1) shall be carried out from time to time as occasion requires.

(3) The Bank shall endeavour, as far as practicable and subject to subsection (5), to achieve the following result with respect to the provision (the “relevant provision”) that is made by the regulations under subsection (1) concerning the circumstances in which a particular risk, the subject of the regulations (the “risk concerned”) is to be regarded, for the purposes of this Act, as a risk based in the State.

(4) The result referred to in subsection (3) is that the relevant provision is analogous to the provision made by the specified definition in the Act of 1964 as to the circumstances in which a risk referred to in that Act, corresponding to the risk concerned, is, within the meaning of that Act, a risk in the State.

(5) In making the relevant provision, the Bank shall have regard to the need to disregard elements of the related specified definition in the Act of 1964 that are not appropriate for the purposes of this Act.

(6) In this section—

“related specified definition in the Act of 1964” means the definition of “excluded risk” in section 1 of the Act of 1964;

“specified definition in the Act of 1964” means the definition of “risk in the State” in section 1 of the Act of 1964.