An insurance undertaking or reinsurance undertaking shall notify the Bank immediately if -
(a) a person ceases to perform a pre-approval controlled function, as defined in section 22 of the Act of 2010, which the person had been previously appointed by the undertaking to perform, or
(b) a person who performs a pre-approval controlled function has been replaced because the person no longer complies with any standard of fitness and probity in a code issued by the Bank under section 50 of that Act.