(1) When a liquidator has been appointed to an insurance undertaking authorised by the Bank, the Bank shall withdraw the authorisation of the undertaking, except to the extent necessary for the purposes of paragraph (2), in accordance with Regulations 37 to 39 of the European Communities (Life Assurance) Framework Regulations 1994 (S.I. No. 360 of 1994) or Regulations 17 to 19 of the European Communities (Non-Life Insurance) Framework Regulations 1994 (S.I. No. 359 of 1994), as appropriate, if the authorisation has not been previously withdrawn.
(2) The withdrawal of authorisation pursuant to paragraph (1) shall not prevent the liquidator from carrying on some of the insurance undertaking's activities in so far as that is necessary or appropriate for the purposes of the winding-up, provided that such activities are carried on with the consent and under the supervision of the Bank.