1. Each Member State shall make access to the activities referred to in Article 1 by any undertaking whose head office is outside the Community subject to an official authorisation.
2. A Member State may grant an authorisation if the undertaking fulfils at least the following conditions:
(a) it is entitled to undertake insurance activities covered by Article 1 under its national law;
(b) it establishes an agency or branch in the territory of such Member State;
(c) it undertakes to establish at the place of management of the agency or branch accounts specific to the activity which it carries on there and to keep there all the records relating to the business transacted;
(d) it designates a general representative, to be approved by the competent authorities;
(e) it possesses in the Member State where it carries on an activity assets of an amount equal in value to at least one half of the minimum amount prescribed in Article 20(2)(a) in respect of the guarantee fund and deposits o