(1) If an authorisation granted to a reinsurance undertaking established in the State relates to a particular kind of reinsurance business, the Bank may cancel the authorisation with respect to that kind of reinsurance business on being satisfied on reasonable grounds that -
(a) the undertaking is failing or has failed to comply with a condition of the authorisation as regards that kind of reinsurance business,
(b) the undertaking is failing or has failed to comply with a direction or requirement imposed on the undertaking by or under these Regulations with respect to that kind of reinsurance business, or
(c) the undertaking has not carried on that kind of reinsurance business within the immediately preceding 6 months, or
(d) since the authorisation was granted with respect to that kind of reinsurance business, the circumstances under which the authorisation was granted have changed to the extent that an application for an authorisation in respect of that kind of business would be refu
…