AI Summary of 92. Application required for approval of PRSA product.
Individuals or entities intending to produce, market, or sell a Personal Retirement Savings Account (PRSA) product are required to submit an application for approval to both the Board and the Revenue Commissioners, as stipulated under section 94.
It is important to note that obtaining such approval does not guarantee the solvency of the producer. Consequently, neither the Board nor the Revenue Commissioners bear any liability for losses incurred due to the insolvency or default of an approved product producer. Additionally, they have no obligation to contributors concerning the investment performance of the PRSA product.
92. Application required for approval of PRSA product.
(1) A person who wishes to produce, market or sell a PRSA product shall make an application to the Board and the Revenue Commissioners for the grant, under section 94, of approval by the Board and the Revenue Commissioners of the product.
(2) The approval of a PRSA product under section 94 shall not constitute a warranty as to the solvency of the person who will produce the product and neither the Board nor the Revenue Commissioners shall -
(a) be liable in respect of any losses incurred through the insolvency or default of a person who produces a product that has been so approved, or
(b) have any duty to any contributor regarding the investment performance of a PRSA product.