LegalizeS.I. No. 382/1978 - European Communities (Insurance) (Non-Life) Regulations, 1978
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I, DESMOND O'MALLEY, Minister for Industry, Commerce and Energy, in exercise of the powers conferred on me by section 3 of the European Communities Act, 1972 (No. 27 of 1972), hereby make the following regulations:
1.
(1) These Regulations may be cited as the European Communities (Insurance) (Non-Life) Regulations, 1978.
- (2) The Regulations of 1976 and these Regulations may be cited together as the European Communities (Non-Life Insurance) Regulations, 1976 and 1978.
- (3) The Regulations of 1977 and these Regulations may be cited together as the European Communities (Non-Life Insurance Accounts) Regulations, 1977 and 1978.
2.
In these Regulations—
"the Regulations of 1976" means the European Communities (Non-Life Insurance) Regulations, 1976 ( S.I. No. 115 of 1976 );
"the Regulations of 1977" means the European Communities (Non-Life Insurance Accounts) Regulations, 1977 ( S.I. No. 401 of 1977 ).
3.
A person shall not be regarded as having contravened any provision of either the Regulations of 1976 or the Regulations of 1977 by reason only of the fact that the person gives, enters into or accepts a bond or a contract of suretyship or guarantee to which the Insurance (Amendment) Act, 1978 (No. 38 of 1978), applies.
GIVEN under my Official Seal, this 19th day of December, 1978.
DESMOND O'MALLEY,
Minister for Industry, Commerce
and Energy.
EXPLANATORY NOTE.
The business of entering into or accepting bonds or contracts of suretyship or guarantee is defined under the Insurance Acts, 1909 to 1971 as insurance business to be conducted by or with authorised insurers only. Under the Insurance (Amendment) Act, 1978 , however, persons are allowed engage in certain types of bonding, suretyship and guarantee business without being subject to the Insurance Acts 1909 to 1971.
The purpose of this Instrument is to further exclude such persons from the statutory obligations of the European Communities (Non-Life Insurance) Regulations, 1976 and the European Communities (Non-Life Insurance Accounts) Regulations, 1977.
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