(1) These Regulations do not apply to a mutual undertaking (in this Regulation referred to as the "ceding undertaking") which pursues non-life insurance activities and which has concluded with another mutual undertaking (in this Regulation referred to as the "accepting undertaking") an agreement which provides for the full reinsurance of the insurance policies issued by the ceding undertaking or under which the accepting undertaking is to meet the liabilities arising under such policies in the place of the ceding undertaking.
(2) These Regulations do apply to the accepting undertaking.