(1) Subject to the provisions of Section 13 of the Assurance Companies Act, 1909, Section 36 of the Insurance Act, 1989 and of the Insurance Regulations and following consultation with the Bank, an undertaking may assign all or part of its portfolio of policies in accordance with the following subarticles of this Article.
(2) Where an undertaking established in the State proposes to transfer all or part of its portfolio of policies covering risks situated in the State in accordance with Article 2 (d) of the second Directive to an assignee established in the State, the assignment shall not be effected unless the assignee possesses the necessary solvency margin after taking the assignment into account.
(3) Where the assignee's head office is situated in the territory of another member State, the assignment shall not be effected unless the supervisory authorities of that member State certify that the assignee possesses the necessary solvency margin required by these Regulations after