(1) Except as provided by paragraphs (2) to (4), these Regulations apply to all persons who undertake reinsurance business or operate as a SPRV within the State.
(2) Except as expressly provided, these Regulations do not apply to or in relation to an exempt undertaking.
(3) These Regulations do not apply to or in relation to the following activities:
(a) an activity referred to in Article 2 or 3 of the Non-life Insurance Business Directive;
(b) an activity referred to in Article 3 of the Life Assurance Business Directive;
(c) reinsurance conducted or fully guaranteed by the government of a Member State when it is acting, for reasons of substantial public interest, as a reinsurer of last resort (including when it is so acting because it is not feasible in the market in which it is acting to obtain adequate commercial cover).
(4) These Regulations do not apply to a reinsurance undertaking or SPRV established in the State if not later than 10 December 2007, [This date is 2 years after the
…