(1) Only the competent authority of an insurance undertaking's home Member State shall be entitled to decide on the reorganisation measures with respect to an insurance undertaking, including its branches.

(2) Reorganisation measures adopted in respect of an insurance undertaking, including its branches in other Member States, are governed by the Act of 2014 and the Insurance Acts, as appropriate, unless otherwise provided by Regulations 285 to 293.

(3) Reorganisation measures adopted by the competent authority of a Member State other than the State in respect of an insurance undertaking authorised in that other Member State, including any branch of the undertaking in the State, shall be recognised in the State once they become effective in that other Member State, even if, were the particular matter to be dealt with under the Act of 2014 or the Insurance Acts, such measures would not be provided for or would be provided for subject to specified conditions being fulfilled and such conditions are not fulfilled in the particular case.