The Gazette 1995

GAZETTE

A UGUST/SE P TEMBE R 1995

Recent Irish Cases Edited by Raymond Byrne, BCL, LLM, BL, Lecturer in Law, Dublin City University The following case summaries have been reprinted from the Irish Law Times and Solicitors Journal with the kind permission of the publishers.

These Regulations give effect to the Third Life Assurance Framework Di- rective (92/96/EEC - OJ No. L 360/1) which institutes a single authorisa- tion system of supervision of insur- ance undertakings operating through- out the European Communities whereby insurance undertakings transacting business on either a cross- border or branch basis will be subject to overall supervisory control of the supervisory authority where thei r head offices are located. The Regulations also implement relevant provisions of the Second Life assurance freedom of services Directive (90/619/EEC - OJ No. L330). The Regulations re- quire life assurance undertakings to submit statutory returns to the Minis- ter for Enterprise and Employment in the format set out in the Schedules to these Regulations. They also require an actuarial investigation to be car- ried out annually and introduce re- vised rules for the valuation of under- writing liabilities and assets and re- vised requirements for localisation of assets and the treatment of reinsurance. The regulations provide that any significant increase or de- crease in shareholdings in an insur- ance undertaking will be notified in advance to the Minister. The Regula- tions introduce a mandatory fifteen- day 'cooling off' period for policy- holders taking out most types of life assurance. The Regulations also in- troduce disclosure requirements for insurers obliging them to furnish in- formation about the insurance com- pany as well as information about the commitment and pertinent changes during the term of the insurance con- tract. The Regulations contain provi- sions which oblige insurance under- takings to comply with the general good requirements of the State as specified. They also provide for reci- procity measures regarding life assur- ance activities in third countries. These Regulations have the effect of amending or modifying certain pro- visions of the Insurance Acts 1909 to 1989 and previous Regulations made under the European Communities Act

ADMINISTRATIVE Winter Time Order 1994 (SI No. 395 of 1994) This order (relating to the years 1995, 1996 and 1997) varies the periods of winter time (and consequently sum- mertime) as provided for in the Stand- ard Time (Amendment) Act 1971. The Order has the effect of causing summer time to begin one week later in 1995 and two weeks later in each of the following two years. Summer time will end one week earlier in 1995. The Order also provides that the change from one period of time to another will be at 1a.m. and not at 2a.m. as was previously the case. The Order gives effect to EU Directive 94/ 21/EC (of 30 May-1994). AGRICULTURE Milk (Regulation of Supply) (Estab- lishment of National Milk Agency) Order 1994 (SI No. 409 of 1994) This Order establishes the National Milk Agency as and from 30 Decem- ber 1994. The Cork and Dublin Dis- trict Milk Boards are abolished by SI No. 410 of 1994 and SI No. 411 of 1994 respectively. The Order brings into effect the Milk (Regulation of Sup- ply) Act 1994: see (1995) 13 ILT 45. COMMERCIAL Terex Equipment Ltd v Truck and Machinery Sales Ltd: High Court (Barron J) [1994J1 ILRM 557 Billsof Exchange-Payment for Equip- ment-Bills Dishonoured-Allegation of defective equipment and fraud- Whether agreement to waive bills- Whether allegation of fraud could defeat validity of bills-Whether stay should be granted-Bills of Exchange Act 1882.

These Regulations give effect to the Third Non-Life Insurance Framework Directive (92/49/EEC-OJ No. L 228/ 1) which institutes a single authorisa- tion system of supervision of insur- ance undertakings operating through- out the European Communities whereby insurance undertakings transacting business on either a cross- border or branch basis will be subject to the overall supervisory control of the supervisory authority where their head offices are located. The Regula- tions require non-life insurance un- dertakings to furnish information and statistical documents necessary for supervision purposes to the Minister. The Regulations introduce revised rules for the valuation of underwrit- ing liabilities and assets and revised requirements for localisation of as- sets. The regulations provide that any significant increase or decrease in shareholdings in an insurance under- taking will be notified in advance to the Minister. The Regulations also include certain information require- ments which insurance undertakings must disclose to policyholders when an insurance contract is being ef- fected. Insurers underwriting third party motor insurance will continue to be subject to existing requirements including the necessity for services insurers to appoint a claims repre- sentative in the State to handle third- party insurance claims. The Regula- tions incorporate a number of con- sumer protection measures includ- ing provisions which oblige insur- ance undertakings to comply with the general good requirements of the State as specified. These Regulations have the effect of amending or modi- fying certain provisions of the Insur- ance Acts 1909 to 1989 and previous Regulations made under the Euro- pean Communities Act 1972. The Regulations came into force on 8 December 1994. European Communities (Life Assur- ance) Framework Regulations 1994 (SI No. 360 of 1994)

European Communities (Non-Life In- surance) Framework Regulations 1994 (SI No. 359 of 1994)

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