(1) An undertaking which is the holder of an authorisation shall establish and maintain technical reserves, including mathematical reserves, calculated in accordance with regulations, in respect of underwriting liabilities assumed by it.
(2) Assets of an amount related to the amount of the technical reserves, including mathematical reserves, shall be localised in the State by an undertaking in accordance with regulations.
(3) Pending the making of regulations, an undertaking shall maintain in the State assets of such amount as the Bank may from time to time direct.
(4) Section 22 of the Insurance Act, 1936, shall not apply to an undertaking which complies with this Article.
(5) Where an underwriting liability is expressed in a particular currency, assets representing that liability shall be realisable in that currency subject to and in accordance with regulations.
(a) Assets representing technical reserves, including mathematical reserves, required to be held under this Articl