(1) An offence under Regulations 5(2), 6(2), 20(2), 22(4), 28(2), 29(2), 58(9), 59(8), 60(6), 62(4), 75(1), or 76(1) of the European Communities (Reinsurance) Regulations 2006 (S.I. No. 380 of 2006) is an offence which may be tried on indictment.
(2) A person who commits an offence under a Regulation referred to in subsection (1) is liable on conviction on indictment to a fine not exceeding €10,000,000 or imprisonment for a term not exceeding 10 years or both.
(3) This section is without prejudice to -
(a) any penalty provided by the European Communities (Reinsurance) Regulations 2006 (S.I. No. 380 of 2006) in respect of a summary conviction for an offence, and
(b) the ability to bring and prosecute summary proceedings for any offence under those Regulations.