Section 35 of the Insurance Act, 1989 (No. 3 of 1989), is hereby amended in subsection (1) by the insertion -
(a) in paragraph (d) after "auditors" of "or", and
(b) after paragraph (d) of the following paragraph:
"(e) becomes aware of any facts or decisions which are likely to affect materially the insurer's ability to fulfil its obligations to policyholders or meet any of its material financial requirements under the Insurance Acts in the course of conducting an audit in an undertaking in a control relationship with the insurer, as defined in Article 1(1) and (2) of Directive 83/349/EC [O.J. No. L 193 18.07.1983 as last amended by Directive 90/605/EEC (O.J. No. L317 16.11.1990) ].".