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Reinsurance.
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22.—(1) It shall not be lawful for any person to carry on from or at a place of business or an establishment in the State the business of reinsuring business of a class to which the Insurance Acts apply unless—
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(a) in the case of an undertaking which holds an authorisation to carry on business in one or more classes, the authorisation extends to those classes of business in which reinsurance is being accepted, or
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(b) in the case of a person not holding an authorisation, that person has notified the Minister in such form as the Minister may prescribe that it carries on the business of reinsurance, and files with the registrar of companies its accounts in such form as the Minister may specify.
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(2) Nothing in this section shall prevent an undertaking from accepting reinsurance in a class or classes to which its authorisation does not extend, where the business of such class or classes is ancillary to the main reinsurance business being accepted, provided always that—
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(a) in the case of an undertaking which holds an authorisation under the Regulations of 1976, the class or classes of business in which reinsurance is being accepted is confined to insurance of a class or classes specified in Schedule 1 to the said Regulations, or
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(b) in the case of an undertaking which holds an authorisation under the Regulations of 1984, the class or classes of business in which reinsurance is being accepted is confined to assurance of a class or classes specified in Schedule 1 to the said Regulations.
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(3) Reinsurance acceptances by an undertaking shall be subject to the provisions of the Insurance Acts.
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