(1) Where a third-country insurance undertaking has obtained an authorisation from the Bank in relation to a branch in the State and has also obtained an authorisation for a branch from the supervisory authority of one or more other Member States, the undertaking may apply for the following advantages which may be granted only jointly:
(a) the Solvency Capital Requirement shall be calculated in relation to the entire business which it pursues within the European Union but with account being taken only of the operations effected by branches established within the European Union;
(b) the deposit required under Regulation 176(2)(e) shall be lodged in only one of the Member States where the undertaking has a branch;
(c) the assets representing the Minimum Capital Requirement shall be localised in any one of the Member States in which it pursues its activities.
(2) Application to benefit from the advantages provided for in paragraph (1) shall be made to the Bank and all the other relevant s
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