[Inserted by S.I. No. 731 of 2004.]

(1) This Regulation applies only to an insurance holding company that has its head office in the State.

(2) An insurance holding company to which this Regulation applies shall take all reasonably practicable steps to ensure that the persons who are concerned in the direction or management of the company -

(a) are suitably qualified, and

(b) are of sufficiently good repute, and

(c) have sufficient experience,

to be able to perform their duties in that capacity.

(3) The Bank may, by direction given in writing, require an insurance holding company to which this Regulation applies to provide it with such information as it requires concerning the qualifications, reputation and experience -

(a) of all persons who are concerned in the direction or management of the company, or

(b) of such of those persons as are specified in the notice.

(4) If it appears to the Bank that a person referred to in subparagraph (3) -