Regulation 20 Reinsurance undertakings established in the State to maintain sound and adequate administrative and accounting procedures and internal control mechanisms

(1) Every authorised reinsurance undertaking established in the State shall establish and maintain -

(a) administrative and accounting procedures, and

(b) internal control mechanisms and risk management requirements,

that, in the opinion of the Bank, are sound and adequate.

(2) A reinsurance undertaking that, without reasonable excuse, fails to comply with paragraph (1) commits an offence.