Schedule 2, Part 5 Amendment of European Communities (Non-Life Insurance) Framework Regulations 1994 (S.I. No. 359 of 1994)

16. (1) If an insurance undertaking whose head office is located in the State fails to comply with Article 13, the Bank may, after notifying the supervisory authorities of the Member States in which the risks underwritten by the undertaking exist, give the undertaking a direction in writing prohibiting the free disposal of the undertaking's assets.

(2) If the solvency margin of an insurance undertaking whose head office is located in the State falls below the minimum amount required by Articles 3 and 4 of Part A of Annex II, the Bank shall give the undertaking a direction in writing requiring the undertaking to submit for the Bank's approval a plan for restoring the undertaking to a sound financial position.