What a reinsurance undertaking's guarantee fund must contain
1. Subject to paragraph 2 of this Schedule, an authorised reinsurance undertaking's guarantee fund must -
(a) contain funds equivalent to at least one-third of the undertaking's required solvency margin, as calculated in accordance with Schedule 1, and
(b) comprise -
(i) the items specified in paragraphs 1(2) to (7), 2, 3(1) and (2) and 4 of Schedule 1, and
(ii) with the authorisation of the Bank, the item specified in paragraph 3(6) (a) of that Schedule.
Minimum amounts for reinsurance undertaking's guarantee fund
(1) The amount of an authorised reinsurance undertaking's guarantee fund must be -
(a) except as provided by subparagraph (b), not less than €3,000,000 or,
(b) in the case of a captive reinsurance undertaking, not less than €1,000,000,
(2) However, if the European Commission has, in accordance with the review procedure set out in Article 41 of the Reinsurance Directive, prescribed a higher amount, not less t
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