(1) An authorisation of an insurance undertaking or reinsurance undertaking under these Regulations shall be valid in all Member States and shall permit the undertaking to carry on business in all Member States, by way of establishment and by way of the provision of services.

(2) An authorisation of an insurance undertaking shall be granted for a particular class of insurance in Part 1 of Schedule 1 or in Schedule 2 and shall cover the entire class, unless the applicant wishes to cover only some of the risks pertaining to that class.

(3) The risks included in a class shall not be included in any other class except in the cases referred to in Regulation 16.

(4) Where appropriate the Bank may grant authorisation for 2 or more of the classes of insurance.

(5) An authorisation may be restricted to industrial assurance business and an insurance undertaking may not carry on industrial assurance business by virtue of an authorisation unless the authorisation expressly extends to such business.