1. The Commission may submit proposals to the Council for the negotiation of agreements with one or more third countries regarding the means of exercising supervision over:
(a) reinsurance undertakings which have their head offices situated in a third country, and conduct reinsurance business in the Community,
(b) reinsurance undertakings which have their head offices in the Community and conduct reinsurance business in the territory of a third country.
2. The agreements referred to in paragraph 1 shall in particular seek to ensure under conditions of equivalence of prudential regulation, effective market access for reinsurance undertakings in the territory of each contracting party and provide for mutual recognition of supervisory rules and practices on reinsurance. They shall also seek to ensure that:
(a) the competent authorities of the Member States are able to obtain the information necessary for the supervision of reinsurance undertakings which have their head offices situat