(1) The Bank may at its discretion grant an authorisation in respect of a branch or agency of an insurance undertaking having its head office situated outside the European Communities if the undertaking fulfils at least the following conditions:
(a) it is entitled to undertake insurance business under the law of the State where its head office is situated;
(b) it establishes a branch or agency in the State;
(c) it undertakes to maintain at the place of management of the branch or agency in the State accounts specific to the business which it undertakes in the State and to keep at that place all the records relating to the business transacted in the State;
(d) it designates an authorised agent for such purposes as the Bank may require and who shall be approved by the Bank;
(e) it possesses in the State assets of an amount equal to at least one-half of the minimum amount required by Article 19 (3) of these Regulations in respect of an undertaking to which that Article applies and de