(1) An insurance undertaking that intends to pursue business for the first time in a Member State other than the State under the freedom to provide services shall first notify the Bank, indicating the nature of the risks or commitments it proposes to cover.
(2) The Bank shall, within one month of the notification provided for in paragraph (1), communicate the following to the supervisory authority of the Member State within which the undertaking intends to pursue business under the freedom to provide services:
(a) if the Solvency Capital Requirement and Minimum Capital Requirement are covered by the undertaking, a certificate confirming that;
(b) the classes of insurance which the undertaking has been authorised to offer;
(c) the nature of the risks or commitments which the undertaking proposes to cover in the Member State.
(3) The Bank shall, at the same time, inform the undertaking of that communication.
(4) The undertaking may start business as from the date on which it is informed
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