(1) Unless the Bank has reason, taking into account the business envisaged, to doubt -
(a) the adequacy of the system of governance or the financial situation of the insurance undertaking, or
(b) that the authorised agent meets any standard of fitness and probity specified in a code issued by the Bank under section 50 of the Act of 2010,
it shall, within 3 months of receiving all the information referred to in Regulation 154(2), communicate that information to the supervisory authority of the host Member State and shall inform the insurance undertaking that it has done so.
(2) The Bank shall also furnish a certificate to the supervisory authority of the host Member State confirming, if such be the case, that the Solvency Capital Requirement and the Minimum Capital Requirement are covered by the undertaking.
(3) Where the Bank makes a decision not to communicate the information referred to in Regulation 154(2) to the supervisory authority of the host Member State it shall state the reas
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