(1) If the Bank believes that the rights of holders of policies issued by an insurance undertaking are being jeopardised, it can, by notice in writing, require the undertaking to provide it with a financial recovery plan to restore the undertaking to a sound financial position.
(2) As soon as practicable after receiving a notice under sub-article (1) of this Article, the undertaking shall provide the Bank with a financial recovery plan, covering the 3 financial years of the undertaking following the date of the notice. The plan must include particulars or proof of the following:
(a) estimates of the undertaking's management expenses, and in particular its current general expenses and commissions;
(b) detailed estimates of the undertaking's income and expenditure in respect of direct business, reinsurance acceptances and reinsurance cessions;
(c) a forecast balance sheet for the undertaking;
(d) estimates of financial resources intended to cover the undertaking's underwriting liabilitie
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