(1) If a reinsurance undertaking established in the State has failed, or is failing, to comply with a provision of Part 4, the Bank may, after notifying the supervisory authorities of the Member States in which the commitments underwritten by the undertaking exist, give the undertaking a direction in writing prohibiting or restricting it from disposing of its assets.
(2) If the Bank finds that the solvency margin of an authorised reinsurance undertaking established in the State has fallen below the minimum amount required by Schedule 1, the Bank may give the undertaking a direction in writing requiring the undertaking to submit to the Bank for its authorisation a plan for restoring the undertaking to a sound financial position.
(3) If, in a case where paragraph (2) applies, it appears to the Bank that the financial position of the reinsurance undertaking will deteriorate further, the Bank may give a further direction in writing to the undertaking restricting or prohibiting it from dis
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