(1) An application for an authorisation may be made to the Bank by a life assurance undertaking whose head office is situated outside the European Communities and which proposes to establish a branch or agency in the State.
(2) A branch or agency of a life assurance undertaking whose head office is situated outside the European Communities and which is authorised to undertake insurance in the State may apply to extend its business to classes of insurance for which it is not authorised or to parts of such classes.