(1) A decision to commence winding-up proceedings in respect of an insurance undertaking authorised by the Bank, including its branches in other Member States, shall, once it takes effect in the State, also take effect in those other Member States.
(2) A decision to commence winding-up proceedings 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 take effect in the State once it takes effect in that other Member State.