(1) Subject to this Regulation, an authorised reinsurance undertaking established in the State may transfer its portfolio of reinsurance contracts to another person without restriction.
(2) A reinsurance undertaking established in the State shall not acquire a portfolio of reinsurance contracts held by another reinsurance undertaking (whether or not established in the State) unless it has obtained from the Bank a certificate to the effect that, after taking the acquisition into account, the undertaking will have the solvency margin required by the Reinsurance Directive.
(3) A transfer of a portfolio of reinsurance contracts in accordance with this Regulation binds the reinsured persons concerned and any other persons having rights and obligations under the contacts transferred.
(4) A reinsurance undertaking that, without reasonable excuse, contravenes paragraph (2) commits an offence.
(5) In this paragraph -
"portfolio of reinsurance contracts" includes contracts entered into unde