Principle of authorisation
The taking up of the business of reinsurance shall be subject to prior official authorisation.
Such authorisation shall be sought from the competent authorities of the home Member State by:
(a)
any undertaking which establishes its head office in the territory of that State;
(b)
any reinsurance undertaking which, having received the authorisation, extends its business to reinsurance activities other than those already authorised.