(1) An insurance undertaking or reinsurance undertaking that applies the transitional measures set out in Regulation 99 or 100 shall inform the Bank as soon as it observes that it would not comply with the Solvency Capital Requirement without application of those transitional measures.
(2) The Bank shall require the insurance undertaking or reinsurance undertaking concerned to take the necessary measures to ensure compliance with the Solvency Capital Requirement at the end of the transitional period.
(3) Within 2 months from observation of non-compliance with the Solvency Capital Requirement without application of these transitional measures, the insurance undertaking or reinsurance undertaking concerned shall submit to the Bank a phasing-in plan setting out the planned measures to establish the level of eligible own funds covering the Solvency Capital Requirement or to reduce its risk profile to ensure compliance with the Solvency Capital Requirement at the end of the transitional per
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