(1) This Regulation applies to a person who satisfies the following conditions:

(a) the person was-

(i) immediately before the relevant date, authorised as an insurance undertaking, within the meaning of the Directive, under the law of the United Kingdom or Gibraltar giving effect to the Directive, or

(ii) before the relevant date, authorised as an insurance undertaking, within the meaning of the Directive, under the law of the United Kingdom or Gibraltar giving effect to the Directive, but that person’s authorisation was withdrawn prior to the relevant date as a consequence of the commencement of winding-up proceedings or reorganisation measures where such winding-up proceedings or reorganisation measures are, at the relevant date, continuing;

(b) the person has, before the relevant date -

(i) established a branch and started business in the State, or

(ii) pursued business in the State under the freedom to provide services,

in accordance with Chapter VIII of Title I of the Directive;