(1) A person may carry on reinsurance business in the State only if the person is an authorised reinsurance undertaking, an authorised SPRV or an exempt undertaking.
(2) A person who carries on reinsurance business in contravention of paragraph (1) commits an offence.
(3) If a person is found guilty of an offence under paragraph (2), the Bank shall take all reasonably practicable measures to ensure that the person ceases to carry on reinsurance business within the State and within every other Member State.