Reinsurance contracts concluded with third-country insurance undertakings or third-country reinsurance undertakings shall be treated in the same manner as reinsurance contracts concluded with undertakings authorised in accordance with these Regulations where -
(a) the solvency regime of the third country has been deemed to be equivalent to that laid down in the Directive in accordance with the delegated acts referred to in Article 172(2) of the Directive, or
(b) the supervisory regime of the third country has been deemed to be temporarily equivalent to that laid down in the Directive in accordance with the delegated acts referred to in Article 172(4) of the Directive.