(1) Subject to subarticles (2) and (3) of this Article, an insurance undertaking carrying on business in the State at the commencement of these Regulations shall comply with the provisions of Articles 17 and 18 of these Regulations not later than the 15th day of March, 1984.
(2) Where an undertaking referred to in subarticle (1) of this Article has not by the date specified in that subarticle fully established the solvency margin required by this Article, the Bank may allow the undertaking a further period not exceeding two years in which to do so provided the undertaking has submitted to the satisfaction of the Bank measures which it proposes to take for such purpose.
(3) Undertakings wishing to extend their business as permitted under Articles 8(2) and 10 of the Directive may not do so unless they comply immediately with the appropriate requirements of these Regulations.