1. Irish Financial Services Law
  2. Legislation (IE)
  3. Statutory Instruments
  4. 2006
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  1. European Communities (Reinsurance) Regulations, 2006 [S.I. No. 380 of 2006]
  2. Part 11 Responsibilities of the Bank under these Regulations (regs. 52-57)
  3. Regulation 56 Bank to notify competent authority of other Member State of belief that reinsurance undertaking or SPRV of that State may be financially unsound
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 15 July 2006 - onwards
  Version 2 of 2    

Regulation 56 Bank to notify competent authority of other Member State of belief that reinsurance undertaking or SPRV of that State may be financially unsound

(1) If -

(a) an authorised reinsurance undertaking that is established in another Member State is carrying on reinsurance business in the State, and

(b) the Bank forms the belief on reasonable grounds that the conduct of the undertaking's activities in the State might affect the undertaking's financial soundness,

the Bank shall, without delay, notify its belief to the competent authority of the Member State in which the undertaking is established. The competent authority of that other Member State is responsible for determining whether that undertaking is complying with the prudential rules laid down in or required by the Reinsurance Directive.

(2) If -

(a) an authorised SPRV that is established in another Member State is operating in the State, and

(b) the Bank forms the belief on reasonable grounds that the conduct of the SPRV's activities in the State might affect the SPRV's financial soundness,

the Bank shall, without delay, notify its belief to the competent authority of the Membe

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