S.L. 403.24 Art. 9Supervision of outsourced functions and activities.

Without prejudice to article 18I of the Act, the competent authority shall ascertain that an authorised insurance undertaking and an authorised reinsurance undertaking which outsources a function or an insurance or reinsurance activity, takes the necessary steps to ensure that:

(a) the service provider undertakes to cooperate with the competent authority in connection with the outsourced function or activity and provide effective access to its business premises in order for the competent authority to be able to exercise those rights of access; and

(b) the authorised insurance undertaking and authorised reinsurance undertaking, its auditors and the competent authority have effective access to data related to the outsourced functions or activities.