(1) Subject to paragraph (2), if the authorisation of an insurer or reinsurer has been granted by the Bank, the Bank is responsible for exercising supplementary supervision over the undertaking, irrespective of whether the insurer or reinsurer is carrying on its insurance or reinsurance business in the State or in any other Member State.

(2) If -

(a) an insurance holding company, mixed financial holding company, alternative investment fund manager, asset management company, third country insurer, third country reinsurer or mixed activity insurance holding company is the parent undertaking of an insurer or a reinsurer that is the holder of an authorisation issued by the Bank, and

(b) that parent undertaking is also the parent undertaking of an insurer or a reinsurer that is the holder of an authorisation issued by the competent authority of another Member State,