S.L. 487.8 Art. 7Supervisory powersandpowers to impose penalties.

The competent authority shall exercise its supervisory powers, including its investigatory powers and its powers to impose penalties, in such a way as to ensure full and complete adherence to the requirements and obligations arising out of the Act and any regulations, Insurance Distribution Rules and Conduct of Business Rules issued thereunder, and any delegated acts and technical standards that may be issued under the Insurance Distribution Directive, either directly or in collaboration with overseas regulatory authorities, in terms of law and as warranted by the relevant circumstances, and shall take all measures necessary to ensure that such administrative penalties are implemented.