(1) An application for approval of a PRSA product under this section shall -
(a) be made in writing and signed by two directors of the applicant and be in such form and contain such particulars as the Board and the Revenue Commissioners may from time to time determine, and
(b) be accompanied by a certificate provided by a PRSA actuary and two directors of the applicant stating that it is the opinion of the actuary and those directors that the product complies with the requirements of this Part and any regulations made under section 103(2).
(2) A product shall not be approved under this section by the Board unless the applicant satisfies the Board -
(a) that the product complies with the requirements of this Part and any regulations made under section 103(2).
(b) that, as regards the producing, marketing or selling by the applicant of the product, the applicant -
(i) has adequate levels of expertise to carry on those activities,
(ii) will establish and follow proper procedures so as to
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