3. An SPRV may enter into arrangements and carry on any business as may be necessary to fulfill its obligations and administrative duties related or incidental to insurance securitisation and the contracts of reinsurance entered into with one or more ceding insurers, including entering into management and administrative services agreements, swap agreements and other forms of asset management agreements.
Obligation to notify
4. An SPRV shall immediately notify the Authority when the SPRV becomes aware that it has failed, or is likely to fail, to be fully funded for a contract of reinsurance it has entered into.
Insurance securitisation requirements
5. An SPRV shall not issue any debt securities unless the agreement governing the issuance of the debt securities makes it a condition of the debt securities issued or to be issued by the SPRV that the holders of the debt securities undertake not to initiate or participate in winding up proceedings against the SPRV until the debt securities are discharged.