(1) A person is eligible to apply to the Bank for a reinsurance authorisation only if it is an undertaking that -
(a) has both its head office and its registered office located in the State, and
(b) is -
(i) a company limited by shares or guarantee or an unlimited company, or
(2) An authorised reinsurance undertaking established in the State can apply to the Bank to extend its authorisation to another kind of reinsurance activity.