(1) If an insurance undertaking or reinsurance undertaking authorised in a Member State other than the State carries on business in the State through a branch, the supervisory authority of the home Member State may, after having informed the Bank, carry out itself, or by persons appointed for the purpose, on site verifications of the information necessary to ensure the financial supervision of the undertaking and the Bank may participate in those verifications.
(2) If an insurance undertaking or reinsurance undertaking carries on business through a branch in a Member State other than the State, in accordance with Article 33 of the Directive, the Bank may, after having informed the supervisory authority of the host Member State, carry out itself, or by persons appointed for the purpose, on site verifications of the information necessary to ensure the financial supervision of the undertaking and the supervisory authority of the host Member State may participate in those verifications.