(1) A person shall not carry on the business of life assurance in the State unless he is the holder of an authorisation under these Regulations, unless he carries on such business in accordance with the terms of the authorisation and unless he has established an insurance undertaking in the State.
(2) For the purposes of these Regulations, an insurance undertaking shall be deemed to be or to have been established in the State in accordance with subarticle (1) of this Article if -
(a) it has in the State an office, the existence of which is notified to the public and which is open during normal business hours for the transaction of life assurance business for which it is authorised, and
(b) it employs at such office persons duly qualified to carry on the business transacted and empowered to issue cover for the authorised classes and to settle claims.
(3) No insurance of a class contained in the Annex shall be entered into except in the exercise of the power to issue cover granted u