The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations (Northern Ireland) 1994

Penalties for non-compliance

5.—(1) If the directors of a qualifying body fail to comply with paragraph (1) of regulation 3 within the period referred to in paragraph (2) of that regulation every person who, immediately before the end of that period, was a director of the body is guilty of an offence and liable on summary conviction to a fine not exceeding £2,000.

(2) If accounts which are made available for inspection under regulation 4(1) do not comply with the requirements of regulation 3 every person who, at the time when the accounts were first made available for inspection, was a director of the qualifying body is guilty of an offence and liable on summary conviction to a fine not exceeding £2,000.

(3) If a qualifying body fails to comply with regulation 4( 1) the body and every person who, at the time when the failure takes place, is a director of the body is guilty of an offence and liable on summary conviction to a fine not exceeding £2,000.

(4) It is a defence for a person charged with an offence under this regulation to show that he took all reasonable steps for securing that the requirements in question would be complied with.

(5) The following provisions of the 1986 Order(1), that is to say—

(a) Article 679 (Summary proceedings),

(6) Article 680A (Offences by bodies corporate), and

(c) Article 680B (Criminal proceedings against unincorporated bodies),

shall apply to an offence under this regulation.

(1)

Articles 680A and 680B were inserted by Article 20(1) of the Companies (No. 2) (Northern Ireland) Order 1990 (S.I. 1990/1504 (N.I. 10))