(1) Subject to paragraphs (3) and (4), the Bank shall grant an application for a reinsurance authorisation if satisfied that -
(a) the applicant is an eligible undertaking, and
(b) the application complies with Regulation 8, and
(c) the objects of the applicant are limited to carrying on reinsurance business and related operations, and
(d) the applicant has established or has, to the satisfaction of the Bank, made arrangements to establish a guarantee fund that complies with Schedule 2.
(2) In paragraph (1) (c), "related operations" includes acting as a holding company and undertaking financial sector activities within the meaning of the Supplementary Supervision of Regulated Entities Directive.
(3) The Bank shall refuse an application for a reinsurance authorisation if it is satisfied that -
(a) the applicant is not of good repute or is not, or will not be, able to fulfil, in a proper manner, the responsibilities that are imposed on authorised reinsurance undertakings by or under