(1) Subject to the provisions of section 13 of the Assurance Companies Act, 1909, and of these Regulations, an undertaking may, after prior consultation with the Bank, assign all or part of its portfolio of policies if the assignee possesses the solvency margin required by these Regulations, due account being taken of the assignment.
(2) Before an assignment under this Article is effected, the Bank shall consult the supervisory authority of any other member State in which the undertaking carried or carries on business.