1. The decision to open winding-up proceedings with regard to an insurance undertaking, the winding-up proceedings and their effects shall be governed by the laws, regulations and administrative provisions applicable in its home Member State unless otherwise provided in Articles 19 to 26.
2. The law of the home Member State shall determine in particular:
(a) the assets which form part of the estate and the treatment of assets acquired by, or devolving on, the insurance undertaking after the opening of the winding-up proceedings;
(b) the respective powers of the insurance undertaking and the liquidator;
(c) the conditions under which set-off may be invoked;
(d) the effects of the winding-up proceedings on current contracts to which the insurance undertaking is party;
(e) the effects of the winding-up proceedings on proceedings brought by individual creditors, with the exception of lawsuits pending as provided for in Article 26;