(1) The Bank may grant an authorisation to an undertaking to carry on such of the classes of insurance business specified in the Annex or such parts of those classes as may be specified in the authorisation.
(2) An authorisation granted under this Article may be restricted to industrial assurance business and a body may not carry on industrial assurance business by virtue of an authorisation granted under these Regulations unless the authorisation expressly extends to such business.
(3) An authorisation shall be in the appropriate form set out in Schedule III to these Regulations.