At the end of February, the FR replaced three of its February 2008 reinsurance publications - Requirements for Life Reinsurance Undertakings, Requirements for Non-Life Reinsurance Undertakings, and Requirements for Composite Reinsurance Undertakings, with updated requirements. These requirements (original and replacement) were introduced pursuant to the European Communities (Reinsurance) Regulations 2006 and have statutory effect. The updates are minor and include further clarification on the circumstances in which "funds withheld" can be considered an admissible asset for the reserves of a reinsurer, as well as a number of new forms to be submitted as part of reinsurers' regulatory returns.