(1) An undertaking authorised under Article 28 of these Regulations shall establish and maintain technical reserves, including mathematical reserves, adequate to cover the underwriting liabilities assumed in the State in accordance with Article 15 of these Regulations.
(2) An undertaking whose head office is situated outside the European Communities and which is deemed to be authorised under Article 6 (1) of these Regulations shall establish and maintain technical reserves, including mathematical reserves, adequate to cover the underwriting liabilities assumed in the State in accordance with Article 15 of these Regulations.
(3) Assets of an amount related to the amount of the technical reserves, including the mathematical reserves, shall be localised in the State by an undertaking in accordance with regulations.