(1) Where the Bank is satisfied that an 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 and of the Insurance Acts 1909 to 1983, it shall grant that undertaking an authorisation.
(2) Where the Bank is satisfied that an 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 and of the Insurance Acts, 1909 to 1983, it may at its discretion grant that undertaking an authorisation.
(3) No undertaking may carry on the business of life assurance and the business of non-life insurance of a class referred to in Schedule I to the European Communities (Non-Life Insurance) Regulations, 1976 (S.I. 115 of 1976).
(4) An undertaking which on the 15th day of March, 1979 carried on both life assurance and non-life insurance business in a member State where its head offi