(1) For the purposes of section 13 of the Assurance Companies Act 1909, subject to section 36 of the Insurance Act 1989 and these Regulations a branch of a third-country insurance undertaking established in the State may, after consultation with the Bank, transfer all or part of its portfolios of contracts to -
(a) an insurance undertaking with its head office in the State,
(b) a branch of another third-country insurance undertaking established in the State,
(c) an insurance undertaking whose head office is in another Member State, or
(d) a branch of another third-country insurance undertaking established in another Member State.
(2) A transfer may not be effected unless -
(a) the supervisory authority of the accepting undertaking or, where appropriate, the selected supervisory authority referred to in Regulation 181, certifies that, after taking the transfer into account, the accepting undertaking possesses the necessary eligible own funds to cover the Solvency Capital Requirement ref
…