The Act of 1989 is hereby amended by the insertion of the following after section 22:
"Application of Act to reinsurance.
(1) Where the Minister considers it necessary to do so, in the public interest, in the interest of policy holders and in the interest of the orderly and proper regulation of the insurance industry, the Minister may by regulations provide for the application with such (if any) necessary modifications as are specified in the regulations, to the business of reinsuring business of a class to which the Insurance Acts apply of such provisions of those Acts as are so specified.
(2) The Minister may, by regulations, make provision in relation to authorisations and, without prejudice to the generality of the foregoing, the regulations may -
(a) prohibit the carrying on by the person of the business of reinsuring business other than under and in accordance with an authorisation,
(b) provide for the grant of, and the refusal to grant, authorisations by the Minister,
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