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European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations, 2007 [S.I. No. 366 of 2007]Introductory TextPart 1 Preliminary Provisions (regs. 1-3)Regulation 1 Citation and commencement.Regulation 2 Object of these Regulations.Regulation 3 Interpretation.Part 2 Supplementary Supervision (regs. 4-14)Regulation 4 Certain insurers and reinsurers to be subject to supplementary supervision.Regulation 4A Level of application with regard to mixed financial holding companies.Regulation 5 Scope of supplementary supervision.Regulation 6 Responsibility for exercising supplementary supervision over insurers and reinsurers.Regulation 7 Insurers and reinsurers to maintain adequate internal control mechanisms.Regulation 8 Freedom of insurers, reinsurers and other undertakings to exchange information among themselves.Regulation 9 Insurers and reinsurers to provide Bank with information when required.Regulation 10 Co-operation between competent authorities.Regulation 11 Intra-group transactions.Regulation 12 Adjusted solvency requirement.Regulation 13 Certain insurers and reinsurers to provide Bank with result of Schedule 2 calculation.Regulation 14 Qualifications, reputation and experience of persons concerned in the direction or management of insurance holding companies.Part 3 Enforcement (regs. 15-19)Regulation 15 Enforcement of Bank directions.Regulation 16 Penalties for offences.Regulation 17 Continuing offences.Regulation 18 Offences committed by bodies corporate.Regulation 19 Trial of offences against these Regulations.Part 4 Miscellaneous Provisions (regs. 20-21)Regulation 20 Revocation and amendment of certain Regulations.Regulation 21 Transitional provision.Schedule 1 Calculation of the Adjusted Solvency of Insurers and ReinsurersSchedule 1, Part 1 Calculation Method And General PrinciplesSchedule 1, Part 2 Application of calculation methodsSchedule 2 Supplementary supervision of insurers and reinsurers that are subsidiaries of an insurance holding company, a mixed financial holding company, a third country insurer, a third country reinsurer, an asset management company or an alternative investment fund manager.Given underExplanatory Note
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 June 2007 - onwards
Version 2 of 2

Regulation 7 Insurers and reinsurers to maintain adequate internal control mechanisms.

(1) An insurer or reinsurer that is subject to supplementary supervision shall maintain internal control mechanisms that are adequate to enable it to produce data and information to facilitate that supervision by the Bank.

(2) An insurer or reinsurer that fails to comply with paragraph (1) commits an offence and is liable on summary conviction to a fine not exceeding €5,000.

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