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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 16 Penalties for offences.

Except as provided by Regulation 14, a person who is found guilty of an offence against these Regulations is liable to a fine not exceeding €5,000.

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