S.L. 403.19 Art. 11Administrative penalties.

Where an authorised reinsurance special purpose vehicle contravenes or fails to comply with any provisions of the EU Regulations, these regulations or any Insurance Rules issued hereunder, or any applicable provisions of the Act, or any regulations or Insurance Rules issued thereunder, the competent authority may, by notice in writing and without recourse to a court hearing, impose on such undertaking an administrative penalty not exceeding one hundred and fifty thousand euro (€150,000) in respect of each infringement or failure to comply, as the case may be, and where such infringement or failure to comply continues, a further penalty not exceeding one hundred and sixteen euro (€116) for each day during which the infringement or failure to comply continues: Provided that a penalty imposed under this article, whether in the form of a fixed amount, a daily penalty, or both, may, in no case, exceed one hundred and fifty thousand euro (€150,000).