(1) Where the Bank is satisfied that an insurance undertaking applying for an authorisation and having its head office in the territory of a member State complies with the appropriate provisions of these Regulations, it shall grant that undertaking an authorisation.
(2) Where the Bank is satisfied that an insurance undertaking applying for an authorisation and not having its head office in the territory of a member State complies with the appropriate provisions of these Regulations, it may at its discretion grant that undertaking an authorisation.
(3) Subject to these Regulations, the Insurance Regulations shall, subject to any necessary modifications, apply to all undertakings to which these Regulations relate.