(1) The Bank shall have the sole responsibility for the financial supervision of insurance undertakings and reinsurance undertakings, including that of the business they pursue either through branches or under the freedom to provide services.
(2) For the purposes of paragraph (1) financial supervision shall include verification, with respect to the entire business of an insurance undertaking or reinsurance undertaking, of its state of solvency, of the establishment of technical provisions, of its assets and of the eligible own funds, in accordance with these Regulations and other laws applicable in the State.
(3) Where an insurance undertaking is authorised to cover the risks classified in class 18 in Part 1 of Schedule 1, the Bank's supervision shall extend to monitoring of the technical resources which the insurance undertaking has at its disposal for the purpose of carrying out the assistance operations it has undertaken to perform.
(4) If -
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