(1) If the Bank considers that the obligations arising out of the reinsurance contracts entered into by a reinsurance undertaking are being jeopardised, it can, by notice in writing, require the undertaking to provide it with a financial recovery plan to restore the undertaking to a sound financial position.
(2) As soon as practicable after receiving a notice under paragraph (1), the undertaking shall provide the Bank with a financial recovery plan. The plan must cover the 3 financial years of the undertaking following the date of the notice and include particulars or proof of the following:
(a) estimates of the undertaking's management expenses, and in particular its current general expenses and commissions;
(b) detailed estimates of the undertaking's income and expenditure in respect of reinsurance acceptances and reinsurance cession transactions;
(c) a forecast balance sheet for the undertaking;
(d) estimates of financial resources intended to cover the undertaking's underwriting li
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