S.L. 403.13 Art. 8Statementsofgross premium income.

(1) Every insurer shall, when satisfying its obligations under regulation 7, furnish the Fund with a statement of the gross premium income of the undertaking liable to the contribution -

(a) in respect of general business, under regulation 7(5)(a);

(b) in respect of long term business, under regulation 7(5)(b).

(2) Where an insurer is required under this regulation to furnish to the Fund a statement in respect of gross premium income of more than one kind of business mentioned in subregulation (1)(a) and (b), the insurer shall furnish a separate statement in respect of gross premium income of each kind of business.

(3) Any person who causes or permits to be included in a statement furnished to the Fund under this regulation any information which he knows to be false in a material particular or recklessly causes or permits to be so included any information which is false in a material particular, shall be guilty of an offence and liable, on conviction, to a fine (multa) of not less than one thousand and one hundred and sixty-four euro and sixty-nine cents (€1,164.69) but not exceeding two thousand and three hundred and twenty-nine euro and thirty-seven cents (€2,329.37).

(4) Any insurer which makes default in complying with subregulation (1) or (2) shall be guilty of an infringement and liable to an administrative penalty of not less than one thousand and one hundred and sixty-four euro and sixty-nine cents (€1,164.69) but not exceeding two thousand and three hundred and twenty-nine euro and thirty-seven cents (€2,329.37) and in the case of a continuing infringement to a further penalty not exceeding one hundred and sixteen euro and forty-seven cents (€116.47) for each day during which the infringement continues.

(5) Any administrative penalty imposed by the competent authority under subregulation (4) shall be recoverable by the Fund in the same manner and to the same extent as an administrative penalty is recoverable by the competent authority under regulations made for the purposes of article 67(6) of the Act; and, in any recovery, any reference to the ''competent authority'' made in those regulations shall be deemed to be a reference to ''the Fund''.