(1) If -
(a) an authorised reinsurance undertaking established in the State carries on reinsurance business, or an authorised SPRV established in the State operates, in another Member State, and
(b) the competent authority of that other Member State requests the Bank to take appropriate measures to require the undertaking or SPRV to comply with, or to cease contravening, a specified law of that other Member State that corresponds to these Regulations, or to comply with a direction or requirement made by that authority under such a law,
the Bank may apply to the Court for an order under paragraph (2).
(2) On hearing an application made under paragraph (1), the Court may make an order requiring the undertaking or SPRV to comply with, or to cease contravening, the law to which the application relates, or to comply with a direction or requirement made under that law.
(3) As soon as practicable after receiving a request from the competent authority as referred to in paragraph (1) (b), the B
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