(1) A SPRV established in the State that, immediately before 10 December 2005, [This is the date on which the Reinsurance Directive came into operation.] had a right to operate as such is taken to be the holder of a SPRV authorisation granted by the Bank to carry on the same kind of operation as it was entitled to carry on immediately before that commencement, subject to compliance with paragraph (2).
(2) Not later than 10 December 2007, every SPRV to which paragraph (1) applies shall satisfy the Bank that the SPRV has complied with the following requirements:
(a) the SPRV is incorporated as -
(i) a company limited by shares or guarantee or an unlimited company, or
(b) the objects of the SPRV restrict it to operating as such;
(c) the officers of the SPRV are persons of good repute and have the professional qualifications and experience necessary to operate a SPRV;
(d) both the head office and registered office of the SPRV are located in the State;
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