1. Insurance and reinsurance undertakings shall fulfil all of the following requirements:

(a) establish, implement and maintain effective cooperation, internal reporting and communication of information at all relevant levels of the undertaking;

(b) establish, implement and maintain effective decision making procedures and an organisational structure which clearly specifies reporting lines, allocates functions and responsibilities, and takes into account the nature, scale and complexity of the risks inherent in that undertaking's business;

(c) ensure that the members of the administrative, management or supervisory body collectively possess the necessary qualifications, competency, skills and professional experience in the relevant areas of the business in order to effectively manage and oversee the undertaking in a professional manner;

(d) ensure that each individual member of the administrative, management or supervisory body has the necessary qualifications, competency, skills and professional experience to perform the tasks assigned;

(e) employ personnel with the skills, knowledge and expertise necessary to carry out the responsibilities allocated to them properly;

(f) ensure that all personnel are aware of the procedures for the proper carrying out of their responsibilities;