S.L. 403.19 Art. 9Solvency requirements.

(1) An authorised reinsurance special purpose vehicle shall be fully funded at all times in accordance with Article 326 of the EU Delegated Regulation.

(2) An authorised reinsurance special purpose vehicle shall invest all its assets in accordance with Article 327 of the EU Delegated Regulation.

(3) The authorised reinsurance special purpose vehicle shall immediately inform the competent authority:

(a) where it observes that the fully funded requirement is no longer complied with; or

(b) where there is a risk of non-compliance in the following three months.

(4) In the cases referred to in sub-regulation (3)(a) and (b), the authorised reinsurance special purpose vehicle concerned shall submit within one month of the observation of non-compliance or risk of non-compliance, for approval by the competent authority, a realistic financial scheme to restore compliance with the fully funded requirement within such period as may be determined by the competent authority.