(1) For the purposes of this section, a person holds a management position with an insurer if the person -

(a) is a director of the insurer, or

(b) holds a management position with the insurer that is specified by the Bank, or

(c) is the authorised agent of the insurer in the State.

(2) The Bank may, by notice in writing, require an insurer to submit such information as the Bank requires concerning -

(a) the qualifications and experience of persons who hold management positions with the insurer, and

(b) the fitness of those persons to hold those positions.

(3) On being satisfied on reasonable grounds that a person holding a management position with an insurer -

(a) does not have the appropriate qualifications or adequate experience, or

(b) is not otherwise fit to hold the position,