(1) Before the branch of an insurance undertaking authorised in a Member State other than the State starts business in the State, the Bank shall, where applicable, within 2 months of receiving the information referred to in Article 145(2) of the Directive and a certificate confirming that the insurance undertaking covers the Solvency Capital Requirement and the Minimum Capital Requirement, notify the supervisory authority of the home Member State of the conditions under which, in the interest of the general good, that business must be pursued in the State.

(2) The insurance undertaking may establish the branch and start business in the State as from the date on which the supervisory authority of the home Member State has received the notification referred to in paragraph (1) or, if no notification is received, after the end of the period mentioned in that paragraph.

(3) With regard to Lloyd's, in the event of any litigation in the State arising out of underwritten commitments, the insured persons shall not be treated less favourably than if the litigation had been brought against businesses of a conventional type.