1. Member States may authorise life insurance undertakings providing:
(a) occupational retirement provision business in accordance with Article 4 of Directive 2003/41/EC, or
(b) retirement benefits paid by reference to reaching, or the expectation of reaching, retirement where the premiums paid for those benefits have a tax deduction which is authorised to policy holders in accordance with the national legislation of the Member State that has authorised the undertaking;
where
(i) all assets and liabilities corresponding to the business are ring-fenced, managed and organised separately from the other activities of the insurance undertakings, without any possibility of transfer;
(ii) the activities of the undertaking related to points (a) and (b), in relation to which the approach referred to in this paragraph is applied, are pursued only in the Member State where the undertaking has been authorised; and
(iii) the average duration of the liabilities corresponding to the business held by
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