(1) A reinsurance authorisation granted under Regulation 10 or taken to have been granted under Regulation 11 authorises its holder to carry on in the State and in every other Member State the kind or kinds of reinsurance business specified in the authorisation, subject to compliance with the requirements imposed by or under these Regulations and any other restrictions imposed by law.
(2) The fact that the Bank has granted a reinsurance authorisation to an undertaking does not of itself make the Bank liable for any financial loss incurred by a person -
(a) because the undertaking, any of its officers, employees or agents has contravened or failed to comply with a provision of these Regulations, or any condition of the undertaking's authorisation, or
(b) because the undertaking has become subject to an insolvency process.
(3) An authorisation granted under these Regulations remains in force until it is cancelled under this Part.
(4) A reinsurance authorisation granted or taken to have b
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