(1) A SPRV (other than an exempt undertaking) may transact in the State reinsurance business of a particular kind only if it is an authorised SPRV and the authorisation extends to that kind of business.
(2) A SPRV that operates in contravention of paragraph (1) commits an offence.
(3) If a SPRV is found guilty of an offence under paragraph (2), the Bank shall take all reasonably practicable measures to ensure that the SPRV ceases to transact in the State and in every other Member State the kind of reinsurance business to which the contravention relates.