(1) In the event of any major development affecting significantly the relevance of the information disclosed in accordance with Regulations 52 and 55, an insurance undertaking or reinsurance undertaking shall disclose appropriate information on the nature and effects of that major development.

(2) For the purposes of paragraph (1), at least the following shall be regarded as major developments:

(a) where non-compliance with the Minimum Capital Requirement is observed and the Bank either considers that the undertaking will not be able to submit a realistic short-term finance scheme or does not obtain such a scheme within one month of the date when non-compliance was observed;

(b) where a significant non-compliance with the Solvency Capital Requirement is observed and the Bank does not obtain a realistic recovery plan within 2 months of the date when non-compliance was observed.