(1) If a third country reinsurance undertaking commences or carries on reinsurance business in the State, the Bank shall not impose requirements or conditions under these Regulations, either on the third country undertaking or on any other reinsurance undertakings, that would result in the third country undertaking being treated more favourably than an authorised reinsurance undertaking established in the State or in another Member State would be treated.
(2) In paragraph (1), "third country reinsurance undertaking" means a reinsurance undertaking that has its head office in a third country.