S.L. 403.19 Art. 12Application of the Act. Cap. 386.

(1) The provisions of the Act, other than the listed in sub-

regulation (2), shall apply to an authorised reinsurance special purpose vehicle, in the same manner and to the same extent as they apply to an undertaking authorised under the Act, as if a reference in the Act to an "authorised insurance undertaking" or "authorised reinsurance undertaking" were a reference to an "authorised reinsurance special purpose vehicle".

(2) For the purposes of sub-regulation (1):

(a) Part III of the Act shall not apply;

(b) Part IV of the Act shall not apply;

(c) Part V of the Act shall apply subject to the following:

(i) article 20 of the Act shall not apply and the following provision shall apply in substitution thereof: Article 325 of the EU Delegated Regulation forward to the competent authority, in addition to the information required in accordance with sub-article

(2) of Article 325 of the said Regulation, a copy of its audited financial statements drawn up in Cap. 386. accordance with the Companies Act.";

(ii) articles 22 and 23 of the Act shall not apply;

(iii) article 24 of the Act shall apply as follows:

(aa) sub-article (1) shall only apply in so far as the obligations of auditors are concerned;

(bb) paragraphs (a) and (b) of sub-article (1) shall apply;

(cc) paragraph (c) of sub-article (1) shall apply as if the material breach, of the provisions of the Act made applicable by these regulations, was of the provisions of these regulations or of any Insurance Rules issued hereunder or of the provisions of the EU Regulations;

(dd) paragraph (d) shall not apply and the following provision shall apply in substitution thereof: "non-compliance with the fully funded requirement under regulation 9";

(ee) paragraph (e) of sub-article (1) shall not apply;

(ff) sub-articles (2) and (3) shall only apply in so far as the obligations of auditors are concerned;

(d) article 25 of Part VI of the Act shall not apply;

(e) Part VII shall apply subject to the following:

(i) article 31B shall not apply;

(ii) article 31C shall not apply;

(f) Part VII A of the Act shall not apply;

(g) Part VIII of the Act shall not apply;

(h) Part IX of the Act shall apply subject to the following:

(i) sub-article (1) of article 39 of the Act shall apply as if an authorised reinsurance special purpose vehicle were required to give, not later than one month before the date on which it intends to cease its activities, notice in writing of its intention to the competent authority, and apply;

(ii) article 41 shall apply as if an authorised reinsurance special purpose vehicle were required only to dissolve and consequently wind up under and in accordance with the Companies Act;

(iii) article 42 of the Act shall not apply;

(i) articles 44 to 48C of Part X of the Act shall not apply;

(j) Part XI of the Act shall not apply; and

(k) articles 60, 62 and 69 of Part XII of the Act shall not apply.