Directive 79/267/EC is amended as follows:
1. the following Article shall be inserted:
1. The competent authorities of the other Member State involved shall be consulted prior to the granting of an authorisation to a life assurance undertaking, which is:
(a) a subsidiary of an insurance undertaking authorised in another Member State; or
(b) a subsidiary of the parent undertaking of an insurance undertaking authorised in another Member State; or
(c) controlled by the same person, whether natural or legal, who controls an insurance undertaking authorised in another Member State.
2. The competent authority of a Member State involved, responsible for the supervision of credit institutions or investment firms, shall be consulted prior to the granting of an authorisation to a life assurance undertaking, which is:
(a) a subsidiary of a credit institution or investment firm authorised in the Community; or
(b) a subsidiary of the parent undertaking of a credit institution or invest
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