(1) Where close links exist between an insurance undertaking or reinsurance undertaking and other natural or legal persons, the Bank shall grant authorisation only if those links do not prevent the effective exercise of its supervisory functions.
(2) The Bank shall refuse authorisation if the laws, regulations or administrative provisions of a third country governing one or more natural or legal persons with which the insurance undertaking or reinsurance undertaking has close links, or difficulties involved in their enforcement, would prevent the effective exercise of its supervisory functions.
(3) The Bank shall, in the exercise of its powers under financial services legislation, require an insurance undertaking or reinsurance undertaking to provide it with the information the Bank requires to monitor compliance with the condition referred to in paragraph (1) on a continuous basis.