(1) A person shall not carry on a business of reinsuring business of a class to which the Insurance Acts apply otherwise than under an authorisation issued in accordance with regulations made under this section.

(2) A person who contravenes subsection (1) commits an offence and is liable -

(a) if tried on indictment, to a fine not exceeding €500,000, or

(b) if tried summarily, to a fine not exceeding €3,000.

(3) Subsection (1) does not apply to or in respect of a person referred to in section 22(1)(a).

(4) The Bank may make regulations for the purpose of this section, but only with the consent of the Minister.

(5) Without limiting subsection (4), the regulations may do all or any of the following:

(a) provide for the making of applications for authorisations, including the fees to accompany those applications and requirements to be complied with by applicants;

(b) provide for the issue by the Bank of authorisations to applicants who comply with those requirements;