(1) The Bank shall review and evaluate the strategies, processes and reporting procedures which are put in place by an insurance undertaking or reinsurance undertaking to comply with these Regulations and other laws applicable in the State adopted pursuant to the Directive.

(2) The review and evaluation shall comprise the assessment of the qualitative requirements relating to the system of governance, the assessment of the risks which the undertaking faces or may face and the assessment of the ability of the undertaking to assess its risks taking into account the environment in which it is operating.

(3) The Bank shall in particular review and evaluate compliance with the following:

(a) the system of governance, including the own risk and solvency assessment, as set out in Regulations 44 to 51;

(b) the technical provisions as set out in Regulations 83 to 101;

(c) the quality and quantity of own funds as set out in Regulations 102 to 112;

(d) the capital requirements as set out in Regulations 113 to 140;