The contractual arrangements relating to the transfer of risk from an insurance or reinsurance undertaking to a special purpose vehicle and from the special purpose vehicle to the providers of debt or finance shall ensure all of the following:
the claims of the providers of debt or financing mechanisms are at all times subordinated to the reinsurance obligations of the special purpose vehicle to the insurance or reinsurance undertaking;
no payments are made to the providers of debt or financing, if following those payments the special purpose vehicle would no longer be fully funded;
the providers of debt or finance to the special purpose vehicle have no rights of recourse to the assets of the insurance or reinsurance undertaking;
the providers of debt or finance to the special purpose vehicle have no rights to apply for the winding-up of the special purpose vehicle.