(1) The Bank may enter into an agreement with the responsible authority of a third country with a view to defining the means of supervision over reinsurance undertakings that carry on reinsurance business both in the State and in that country.
(2) In this Regulation, "responsible authority", in relation to a third country, means the authority established in that country to supervise or regulate the conduct of those who carry on insurance or reinsurance business in that country.