(1) If the Bank believes that the rights of holders of policies issued by an insurance undertaking are threatened, it can, by notice in writing, require the undertaking to provide it with a financial recovery plan for the restoration of a sound financial position.
(2) As soon as practicable after receiving a notice under subparagraph (1) of this paragraph, an insurance 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 liabilities
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