(1) In the case of an insurer or reinsurer to which Regulation 4(1) applies, the insurer or reinsurer shall provide to the Bank within 6 months after the financial year of the insurer or reinsurer, or at such other times as the Bank may request, the result of an adjusted solvency calculation carried out in accordance with Schedule 1.

(2) A related undertaking, participating undertaking or related undertaking of a participating undertaking must be included in the calculation referred to in paragraph (1).

(3) If the calculation referred to in paragraph (1) shows that the adjusted solvency is negative, the Bank shall take appropriate measures at the level of the insurer or reinsurer.

(4) An insurer or reinsurer that fails without reasonable excuse to comply with paragraph (1) commits an offence.