(1) A reinsurance undertaking established in the State that, immediately before 10 December 2005, [This is the date on which the Reinsurance Directive came into operation.] had a right to carry on a reinsurance business is taken to be the holder of a reinsurance authorisation granted by the Bank that authorises the undertaking to carry on the same kind of reinsurance business as it had a right to carry on immediately before that commencement, subject to compliance with paragraph (2).
(2) Not later than 10 December 2007, every reinsurance undertaking to which paragraph (1) applies shall satisfy the Bank that the undertaking has complied with the following requirements:
(a) the undertaking is incorporated as -
(i) a company limited by shares or guarantee or an unlimited company, or
(b) the undertaking's objects limit its operations to carrying on reinsurance business and related operations;
(c) the undertaking has established, and is maintaining, a guarantee