(1) A third-country insurance undertaking which establishes a branch in the State shall hold an amount of eligible own funds consisting of the items referred to in Regulation 112(5).
(2) The Solvency Capital Requirement and the Minimum Capital Requirement for the branch shall be calculated in accordance with these Regulations.
(3) However, for the purpose of calculating the Solvency Capital Requirement and the Minimum Capital Requirement, both for life and non-life insurance, account shall be taken only of the operations effected by the branch.
(4) The eligible amount of basic own funds required to cover the Minimum Capital Requirement and the absolute floor of that Minimum Capital Requirement shall be constituted in accordance with Regulation 112(6).
(5) The eligible amount of basic own funds shall not be less than half of the absolute floor required under Regulation 140(2).
(6) The deposit lodged in accordance with Regulation 176(2)(e) shall be counted towards such eligible basic own
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