(1) The assets representing the fund maintained by an undertaking in accordance with section 14(1) -

(a) shall be applied for the purposes of that business, and

(b) shall not be transferred so as to be available for other purposes of the undertaking except where the transfer constitutes reimbursement of expenditure borne by other assets (in the same or the last preceding financial year) in discharging liabilities wholly or partly attributable to life assurance business.

(2) Where the value of the assets mentioned in subsection (1) is shown, by an investigation to which Article 5 of the European Communities (Life Assurance Accounts, Statements and Valuations) Regulations, 1986 (S.I. No. 437 of 1986) applies or which is made in pursuance of a requirement imposed under section 16 or 17 to exceed the amount of the liability attributable to the undertaking's life assurance business the restriction imposed by that subsection shall not apply to so much of those assets as represents the excess.