No. 34/1981:

INSURANCE ACT, 1981

ARRANGEMENT OF SECTIONS

1 Power of Irish Life Assurance Company Limited to alter its memorandum of association.

2 Amendment of section 2 (3) of Insurance Act, 1953.

3 Amendment of section 2 of Insurance (Amendment) Act, 1978.

4 Short title and collective citation.

AN ACT TO AMEND THE INSURANCE ACTS, 1909 TO 1978.

[23rd December, 1981]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.—(1) In this section "the Permanent Company" means Irish Life Assurance Company Limited.

(2) Notwithstanding anything contained in section 14 (2) of the Insurance (Amendment) Act, 1938 , or in clause 7 (b) of the Agreement set out in the Schedule to that Act (and referred to in that Act as "the Scheduled Agreement"), the Permanent Company may alter its memorandum of association so as to provide for—

( a ) the carrying on of business in any of the classes of insurance referred to in the Annex to Council Directive 79/267/EEC 1 ¹ by the Permanent Company, or by a subsidiary company or subsidiary companies of the Permanent Company not authorised to carry on business in any of the classes of insurance referred to in the Annex to Council Directive 73/239/EEC ² ,

( b ) the promotion or acquisition by the Permanent Company of a company formed and registered in the State or a company, or companies, formed and registered outside the State for the purpose of carrying on business in any or all of the classes of insurance referred to in the Annex to Council Directive 73/239/EEC 2 ³ , and

( c ) the deletion from the memorandum of association of the provisions complying with clauses 7 (b) (ii) to 7 (b) (iv) of that Schedule.

2.— Section 2 (3) of the Insurance Act, 1953 , is hereby amended by the substitution of "£300,000,000" for "one-hundred million pounds" (inserted by the Insurance (Amendment) Act, 1978 ), and that section, as so amended, is set out in the Table to this section.

TABLE

(3) The aggregate amount of the liability at any time of the Minister in respect of arrangements under this section shall not exceed £300,000,000.

3.—Section 2 (1) ( a ) (ii) (c) of the Insurance (Amendment) Act, 1978 , is hereby amended by the substitution of "primary" for "sole", and that section as so amended, is set out in the Table to this section.

TABLE

(C) to secure the due payment or repayment by a person on foot of a contract of a sum of money (including interest) which is certain or ascertainable (and whether in the currency of the State or in any other currency), the said payment or repayment being the primary obligation of the person under the contract, or

4.—(1) This Act may be cited as the Insurance Act, 1981 .

(2) The Insurance Acts, 1909 to 1978, and this Act may be cited together as the Insurance Acts, 1909 to 1981.

ACTS REFERRED TO

1 OJ L63, 13.3.1979, pp 1-18

2 OJ L228, 16.8.1973, pp 3-19.

2 OJ L228, 16.8.1973, pp 3-19.