S.L. 487.8 Art. 11Determination of the applicable penalties and other measures by the competent authority.

The competent authority shall, when determining the amount of administrative penalties imposed in terms of these regulations, or when taking other measures to be imposed on persons registered or enrolled under the Act, and on authorised insurance undertakings or authorised reinsurance undertakings, carrying out insurance distribution activities or reinsurance distribution activities, take into account all the relevant circumstances, including, where appropriate:

(a) the gravity and the duration of the breach;

(b) the degree of responsibility of the natural or legal person responsible for the breach;

(c) the financial strength of the natural or legal person responsible for the breach, as indicated by the annual income of the natural person or the total turnover of the legal person, as applicable;

(d) the importance of profits gained or losses avoided by the natural or legal person responsible for the breach, in so far as they can be determined;

(e) the losses for customers and third parties caused by the breach, in so far as they can be determined;

(f) the level of cooperation of the natural or legal person responsible for the breach with the competent authority;

(g) measures taken by the natural or legal person responsible for the breach to prevent repetition of such breach; and

(h) any previous breaches by the natural or legal person responsible for the breach.