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S.I. No. 144/1988 -- European Communities (Non-Life Insurance) (Amendment) Regulations, 1988.

S.I. No. 144/1988 -- European Communities (Non-Life Insurance) (Amendment) Regulations, 1988. 1988 144

		S.I. No. 144/1988: EUROPEAN COMMUNITIES (NON-LIFE INSURANCE) (AMENDMENT) REGULATIONS, 1988.
		EUROPEAN COMMUNITIES (NON-LIFE INSURANCE) (AMENDMENT) REGULATIONS, 1988.
		I, ALBERT REYNOLDS, Minister for Industry and Commerce, in exercise of the powers conferred on me by section 3 of the European Communities Act, 1972 (No. 27 of 1972), and for the purposes of giving effect to Council Directive No. 73/239/EEC ¹, hereby make the following regulations:
		¹O.J. No. L228, 16.8.1973.
		1. These Regulations may be cited as the European Communities (Non-Life Insurance) (Amendment) Regulations, 1988 and shall come into operation on the 1st day of July, 1988.
		2. The European Communities (Non-Life Insurance) Regulations, 1976 ( S.I. No. 115 of 1976 ), are hereby amended by--
		( a ) the substitution in article 2(1) thereof of the following definition for the definition of "unit of account":
		" 'unit of account' means the ECU used by the European Monetary Co-operation Fund; the conversion value of which, to the currency of the State, shall be, as from 31 December of each year, the rate published in the Official Journal of the Communities for the last day of the preceding October for which conversion values of the ECU were published for the currencies of all States that were then Member States.", and
		( b ) the substitution of the following for sub-article (4) of Article 11:
		"(4) A person who purports to have been designated by a non-life insurance undertaking as its authorised agent for the purposes of this Article or Article 26 of these Regulations shall be bound to comply with the provisions of these Regulations irrespective of any instructions he may receive from his principals."
		GIVEN under my Official Seal, this 28th day of June 1988.
		ALBERT REYNOLDS,
		Minister for Industry and Commerce.
		EXPLANATORY NOTE.
		These Regulations amend the European Communities (Non-Life Insurance) Regulations, 1976. The effect of these Regulations will be to ensure that no personal financial liability will attach to the role of an authorised agent.
		An amendment is also being made to the definition of "unit of account" to bring it into line with the more recent definition as used in the Life Regulations.