(1) The Bank alone has responsibility for the financial supervision of authorised reinsurance undertakings and authorised SPRVs established in the State.
(2) Paragraph (1) applies to activities that the reinsurance undertaking or SPRV undertakes in the State and in any other Member State.
(3) The responsibility referred to in paragraph (1) extends to verifying the state of solvency of the entire business of an authorised reinsurance undertaking or SPRV established in the State (including the establishment and maintenance by the undertaking or SPRV of technical reserves and of the assets covering those reserves).
(4) The Bank may prescribe rules, not inconsistent with the Reinsurance Directive, relating to issues affecting the solvency of authorised reinsurance undertakings and SPRVs established in the State.
(5) In this Regulation, a reference to the entire business of an authorised reinsurance undertaking or SPRV established in the State includes any business carried on by it in anoth
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