Cap. 487 ст. 53APublication of penalties and other measures.

(1) The competent authority shall publish on its official website, without undue delay, any administrative penalty or other measure which is imposed for breaches of the provisions of this Act and of any regulations, Insurance Distribution Rules or Conduct of Business Rules issued thereunder. Such publication shall include information on the type and nature of the breach and the identity of the natural or legal person responsible for the breach:

Provided that, in cases where an appeal has been filed by the person on whom such administrative penalty or other measure has been imposed, the competent authority shall, without undue delay, publish on its official website such information and any subsequent information on the status of the appeal and the outcome thereof. The competent authority shall also publish any decision annulling a previous decision to impose a sanction or other measure which has been published:

Provided further that where the competent authority has made a public statement in terms of this sub-article, it shall simultaneously report that fact to EIOPA.

(2) Notwithstanding sub-article (1), the competent authority may decide to defer publication, not to publish, or to publish on an anonymous basis, any administrative penalty or other measure imposed, in any of the following circumstances: proportionality of the publication of such data;

(b) where the publication jeopardises the stability of financial markets or an ongoing investigation.

(3) The competent authority shall, in terms of Article 36 of the Insurance Distribution Directive:

(a) inform EIOPA of all administrative penalties and other measures imposed, but not published in accordance with sub-article (2), including any appeal in relation thereto and the outcome thereof;

(b) annually provide EIOPA with aggregated information regarding all administrative penalties and other measures imposed in accordance with the Act and any regulations, Insurance Distribution Rules and Conduct of Business Rules issued thereunder, implementing the Insurance Distribution Directive.