Yes you are correct. You reapply for the IMCr (IRR) every time. If the IRR lapses, no big deal. If you do an IPC a year later, you can renew the IRR for another 2 years from that date.
PS the wording is on the IR(R) application form. You tick the box that says "ground exams exempt due to foreign IR" and "flight test exempt due to IR test" or something.
Last edited by englishal; 3rd Feb 2015 at 15:05.
Reason: Additional info