Removal of persons with key functions, warning

(1) The supervisory authority may warn a person who actually manages an insurance undertaking, or is responsible for other key functions in an insurance undertaking, where the insurance undertaking, or the person as a manager, breaches provisions of this Act, of the Insurance Contract Act, of the Money Laundering Act, of Regulation (EU) No 648/2012, of Article 4(1) to (5) or Article 15 of Regulation (EU) 2015/2365, of Article 16(1) to (4), Article 23(3), first sentence, (5), (6), or (10), Article 28(2), or Article 29 of Regulation (EU) 2016/1011, of Articles 6, 7, 9, 18 to 26, 26b to 26e, or Article 27(1) or (4) of Regulation (EU) 2017/2402, of the provisions referred to in section 120a(1) and (2) of the Securities Trading Act, of the statutory instruments issued to implement this Act, of the acts issued to implement Regulations (EU) No 648/2012, (EU) 2015/2365, (EU) 2016/1011, (EU) 2017/2402, (EU) 2019/1238, or Directive 2009/138/EC, or orders of the supervisory authority. The subject-matter of the warning is the finding of the facts relevant to the decision, and the breach established by them.
(2) The supervisory authority may require the removal of a person who actually manages an insurance undertaking, or is responsible for other key functions in an insurance undertaking, and prohibit that person from exercising his or her activity, where 1. facts exist showing that the person does not satisfy the requirements of section 24, 2. the person, as a manager, has breached the provisions of this Act, with the exception of the provisions of Part 2, Chapter 1, Division 6, of the Insurance Contract Act, of Regulation (EU) No 648/2012, of Article 4(1) to (5) or Article 15 of Regulation (EU) 2015/2365, of Article 16(1) to (4), Article 23(3), first sentence, (5), (6), or (10), Article 28(2), or Article 29 of Regulation (EU) 2016/1011, of Articles 6, 7, 9, 18 to 26, 26b to 26e, or Article 27(1) or (4) of Regulation (EU) 2017/2402, of the provisions referred to in section 120a(1) and (2) of the Securities Trading Act, of the statutory instruments issued to implement this Act, of the acts issued to implement Regulations (EU) No 648/2012, (EU) 2015/2365, (EU) 2016/1011, (EU) 2017/2402, (EU) 2019/1238, or Directive 2009/138/EC, or orders of the supervisory authority, and, despite a warning from the supervisory authority, intentionally or recklessly continues this conduct, 3. material breaches by the undertaking of the principles of proper management have escaped the person's notice, as a supervisory board member, owing to the negligent exercise of that person's monitoring and control function, or that person has not initiated everything necessary to remedy identified breaches, and that person continues this conduct despite a warning from the supervisory authority, or 4. the person has intentionally or negligently breached the provisions of Part 2, Chapter 1, Division 6, of this Act, the Money Laundering Act, or the regulations or enforceable orders issued to implement these provisions, provided the breaches are serious, repeated, or systematic.
(3) Where the court is to remove a supervisory board member on the application of the supervisory board, this application may, where the conditions of subsection (2), point 1 or 2, are satisfied, also be made by the supervisory authority, where the supervisory board has not complied with the supervisory authority's demand for removal.
(4) The supervisory authority may also require the removal of the responsible managers, and prohibit these managers from exercising their activity, where they were previously warned on account of a breach by the insurance undertaking, and the insurance undertaking has again persistently breached the acts or orders named in subsection (1), first sentence.