1. This Directive lays down rules for the taking up and pursuit of the self-employed activity of reinsurance carried on by reinsurance undertakings, which conduct only reinsurance activities, and which are established in a Member State or wish to become established therein.
2. This Directive shall not apply to the following:
(a)
insurance undertakings to which Directives 73/239/EEC or 2002/83/EC apply;
(b)
activities and bodies referred to in Articles 2 and 3 of Directive 73/239/EEC;
(c)
activities and bodies referred to in Article 3 of Directive 2002/83/EC;
(d)
the activity of reinsurance conducted or fully guaranteed by the government of a Member State when this is acting, for reasons of substantial public interest, in the capacity of reinsurer of last resort, including in circumstances where such a role is required by a situation in the market in which it is not feasible to obtain adequate commercial cover.