S.L. 403.24 Art. 11Equivalence in relation to reinsurance undertakings.

Reinsurance contracts concluded with a third-country insurance undertakings or a third-country reinsurance undertaking shall be treated in the same manner as reinsurance contracts concluded with an authorised insurance undertaking, an authorised reinsurance undertaking, a European insurance undertaking or a European reinsurance undertaking, where:

(a) the solvency regime of the third country has been deemed to be equivalent to that laid down in the Solvency II Directive, in accordance with delegated acts adopted by the Commission pursuant to Article 172(2) of the Solvency II Directive;

(b) the solvency regime of the third country has been deemed to be temporarily equivalent to that laid down in the Solvency II Directive, in accordance with delegated acts adopted by the Commission pursuant to Article 172(4) of the said Directive.