1. Where insurance or reinsurance undertakings transfer underwriting risks using reinsurance contracts or special purpose vehicles, in order for them to take into account the risk-mitigation technique in the Basic Solvency Capital Requirement, the qualitative criteria set out in Articles 209 and 210 and those set out in paragraphs 2 to 6 shall be met.
2. In the case of reinsurance contracts the counterparty shall be any of the following:
(a) an insurance or reinsurance undertaking which complies with the Solvency Capital Requirement;
(b) a third-country insurance or reinsurance undertaking, situated in a country whose solvency regime is deemed equivalent or temporarily equivalent to that laid down in Directive 2009/138/EC in accordance with Article 172 of that Directive and which complies with the solvency requirements of that third-country;
(c) a third country insurance or reinsurance undertaking that is not situated in a country whose solvency regime is deemed equivalent or temporari
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