(1) A third-country insurance undertaking which proposes to establish a branch in the State shall make an application for authorisation to the Bank.

(2) The Bank may grant an authorisation where a third-country insurance undertaking fulfils at least the following conditions:

(a) it is entitled to pursue insurance business under the law of the state in which its head office is situated;

(b) it establishes a branch in the State;

(c) it undertakes to set up at the place of management of the branch accounts specific to the business which it pursues in the State, and to keep at the place of management all the records relating to the business transacted;

(d) it designates a general representative, to be approved by the Bank;

(e) it holds in the State assets of an amount equal to at least 50% of the absolute floor prescribed in Regulation 140(2) in respect of the Minimum Capital Requirement and deposits with the Court 25% of that absolute floor as security;