(1) The Bank may authorise an insurance undertaking which is authorised to carry on life insurance activities to carry on non-life insurance activities in classes 1 and 2 in Part 1 of Schedule 1.
(2) If an insurance undertaking is so authorised the business of life insurance and the business of non-life insurance shall be managed separately in accordance with Regulation 80.
(3) An insurance undertaking authorised to carry on both life insurance and non-life insurance shall comply with the accounting rules governing life insurance for both.
(4) Activities relating to non-life insurance activities in classes 1 and 2 in Part 1 of Schedule 1 carried on by an insurance undertaking authorised to carry on both life insurance and non-life insurance shall be subject to the rules applicable to life insurance in the event of a winding up or reorganisation of the insurance undertaking.
(5) An insurance undertaking that has obtained an authorisation in accordance with paragraph (1) is prohibited fr
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