(1) For the purposes of section 13 of the Assurance Companies Act 1909 (1909 c. 49) and subject to section 36 of the Insurance Act 1989 (No. 3 of 1989) and these Regulations, an insurance undertaking whose head office is in the State may, after consultation with the Bank, transfer all or part of its portfolios of contracts, including those concluded either under the right of establishment or the freedom to provide services, to an accepting undertaking whose head office is in the State or another Member State.

(2) Where a branch, established in another Member State, whose head office is situated in the State, proposes to transfer all or part of its portfolio of contracts, the Bank shall consult the supervisory authority of the Member State of the branch.

(3) A transfer shall not be effected unless -

(a) the supervisory authority of the home Member State of the accepting undertaking certifies that, after taking the transfer into account, the accepting undertaking possesses the necessary eligible own funds to cover the Solvency Capital Requirement referred to in Regulation 113, and