(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 -