(1) The Bank shall waive the requirement imposed by Regulation 52 to disclose certain information where -

(a) an insurance undertaking or reinsurance undertaking applies to the Bank in writing with relevant documentation, and

(b) the Bank is satisfied that -

(i) the disclosure of the information by the undertaking would allow competitors of the undertaking to gain significant undue advantage, or

(ii) there are obligations to policy holders or other counterparty relationships which bind the undertaking to secrecy or confidentiality.

(2) Where an undertaking does not disclose information in pursuance of a waiver under paragraph (1), the undertaking shall make a statement to this effect in its report on solvency and financial condition and shall state the reasons.

(3) The Bank may permit the undertaking to make use of, or refer to, public disclosures made under other legal or regulatory requirements, to the extent that those disclosures are equivalent to the information required under Regulation 52 in both their nature and scope.

(4) Paragraphs (1) and (2) do not apply to the information referred to in Regulation 52(2)(e).