(1) Reorganisation measures adopted in respect of an insurance undertaking authorised by the Bank, including its branches in other Member States, are governed by the Companies Acts and the Insurance Acts, as appropriate, unless otherwise provided by Regulations 17 to 21 and 24 to 26.
(2) Reorganisation measures adopted in accordance with the Directive by the competent authorities 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 were the particular matter to be dealt with under the Companies Acts 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.