(1) The Bank may, for the purposes of Regulation 23 or 24, give a direction relating to determining the liabilities of an authorised reinsurance undertaking. In so doing, the Bank is required to have regard to generally accepted accounting concepts, bases and policies and other generally accepted methods appropriate for reinsurance undertakings.
(2) An authorised reinsurance undertaking that, without reasonable excuse, fails to comply with a direction given to it under paragraph (1) commits an offence.