S.L. 403.9 Art. 3The approved auditors register and the approved auditors list.

The competent authority shall establish and maintain -

(a) a register of individual persons authorised to act as approved auditor, in these regulations referred to as

"the approved auditors register", and

(b) a list of audit firms authorised to act as approved auditor, in these regulations referred to as "the approved auditors list", in every case, containing the names, principal places of business and such other particulars as the competent authority may, from time to time, by Insurance Rules determine, of all persons and audit firms who are entitled under these regulations to be registered in audit insurance undertakings accounts unless that person holds an authorisation to act as approved auditor issued by the competent authority under these regulations.

(2) Any individual person who holds a warrant to act as auditor issued under the Accountancy Profession Act and satisfies the qualifications determined for such purpose by Insurance Rules and any audit firms duly registered under the said Act which satisfies the requirements determined for such purpose by Insurance Rules may make application in writing to the competent authority in the form and manner determined for such purpose by Insurance Rules and providing the information required to be provided therein for the issue under these regulations of an authorisation to act as approved auditor.

(3) Any person who acts in contravention of the provisions of sub-regulation (1) shall be guilty of an offence and shall be liable on conviction for each offence, in respect of the first offence to a fine (multa) not exceeding one thousand and two hundred euro (€1,200) and in respect of a second or subsequent offence to a fine (multa) not exceeding six thousand euro (€6,000), and in the case of a continuing offence, to an additional fine (multa) not exceeding one hundred and twenty euro (€120) for each day during which the offence continues.