1. all Insurance Brokers operating in the State;
2. all Companies operating in the State;
3. all primary insurance operations; in this context primary insurance operations refers all insurance operations excluding reinsurance; and
4. all reinsurance operations to the extent commensurate with their nature, as determined by the Central Bank.

The Central Bank will apply the principle of proportionality in the application of the Regulation, whereby Insurance Brokers may demonstrate to the Central Bank that, based on the nature, scale and complexity of their business, the objectives are met without necessarily addressing all of the specifics cited therein. The Central Bank will decide on the extent to which an Insurance Broker is expected to meet the requirements.