Directive 79/267/EC is amended as follows:

1. the following Article shall be inserted:

'Article 12a

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 investment firm authorised in the Community; or

(c) controlled by the same person, whether natural or legal, who controls a credit institution or investment firm authorised in the Community.