Section 22 of the Act of 1989 is hereby amended by the substitution of the following for subsection (1):
"(1) Subject to subsection (1A), it shall not be lawful for a company registered in the State or any other person operating in the State to carry on, in the State or outside the State, the business of reinsuring business of a class to which the Insurance Acts apply unless -
(a) in the case of a person who holds an authorisation to carry on business in one or more classes, the authorisation extends to those classes of business in which reinsurance is being accepted, or
(b) in the case of a person who does not hold an authorisation, the person has given notice of not less than 30 days to the Minister, in such form and manner and including such information as the Minister may prescribe, of the person's intention to carry on the business of reinsurance.
(1A) Subsection (1) shall not apply to a company registered outside the State which does not have a place of business in the State.
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