The most important legislation in Luxembourg governing the insurance business is the Act of 6 December 1991 on the insurance sector as amended (the “1991 Insurance Act”), which sets out the statutory framework for the provision of insurance products in Luxembourg, the Grand Ducal Regulation of 14 December 1994 implementing the 1991 Insurance Act, and the Act of 27 July 1997 on insurance contracts (the “1997 Insurance Contracts Act”).