S.L. 403.9 Art. 7Arrangements governingtheaudit of insurance companies accounts.

(1) The competent authority shall by Insurance Rules determine the arrangements governing the audit of insurance undertakings accounts and different arrangements may be determined with respect to the audit of different insurance undertakings accounts.

(2) Any person who acts as approved auditor and holds an appointment to audit insurance undertakings accounts who fails to satisfy any arrangement as determined by the directive for the purposes of this regulation shall, without prejudice to any action which the competent authority may take against that person under regulation 6, be guilty of an infringement against this regulation and shall be liable for each infringement to an administrative penalty of not less than one hundred and sixteen euro and forty-seven cents (€116.47) and not exceeding two hundred and thirty-two euro and ninety-four cents (€232.94).