6 Reportable accounts

(1) Subject to paragraph (2), and notwithstanding—

(a) paragraph A of section II,

(b) paragraph A of section III, or

(c) paragraph A of section IV,

of Annex I to the Agreement, a reportable account, in relation to a reporting financial institution, means a U.S. reportable account that is maintained by that institution in the State for the purposes of its business as—

(i) a custodial institution,

(ii) a depository institution,

(iii) an investment entity,

(iv) a specified insurance company,

(v) a relevant holding company, or

(vi) a relevant treasury company,

(iii) an investment entity, or

(iv) a specified insurance company,

and that is not an excluded account to which paragraph (3) applies.

(2) (a) Where a reporting financial institution so elects, an account shall not be a reportable account where it satisfies one of the following conditions:

(i) it is a pre-existing individual account—

(I) that is a cash value insurance contract, or annuity contract, with an account balance or value that does not exceed $250,000,

(II) that is a cash value insurance contract or annuity contract, where the sale of such contracts to U.S. residents is effectively prevented by law and the contract is maintained by a specified insurance company that is—

(A) subject to tax under, and

(B) subject to the reporting requirements of,

Part 26 of the Act, or

(III) that is not a cash value insurance contract, or annuity contract, which has an account balance or value that does not exceed $50,000;

(ii) it is a new individual account that is a depository account the account balance or value of which does not exceed $50,000 at the end of the tax year concerned;

(iii) it is a new individual account that is a cash value insurance contract, which has an account balance or value that does not exceed $50,000 at the end of the tax year;

(iv) it is a pre-existing entity account the account balance or value of which does not exceed $250,000.

(b) An election under this paragraph shall be made on, or before, the return date for the tax year in respect of which the return is required to be made and shall be in such form as the Revenue Commissioners may require.

(c) The account balance aggregation and currency translation rules set out in paragraph C of section VI of Annex I to the Agreement shall be used to determine whether an account satisfies one of the conditions set out in paragraph (a).

(3) This Regulation applies to exempt products within the meaning of section III of Annex II to the Agreement.