(1) The Bank shall cancel a reinsurance authorisation taken to have been granted to a reinsurance undertaking under Regulation 11(1) if the undertaking has not, by 10 December 2007, complied with all of the requirements of Regulation 11(2).
(2) Nothing in paragraph (1) affects the operation of Regulation 15 or 16 in relation to a reinsurance undertaking whose reinsurance authorisation is taken to have been granted under Regulation 11(1).