(1) The provisions of Article 4 (6) of the European Communities (Non-Life Insurance) Regulations, 1976, are hereby amended to the extent that the requirements of notification and consent contained therein shall not apply to insurers other than the leading insurer participating in a Community co-insurance operation and relating to the classes of business covered by Article 4 (6) of the European Communities (Non-Life Insurance) Regulations, 1976.
(2) For the purposes of participating as the leading insurer in a Community co-insurance operation where the risk covered falls into class 4 specified in the Schedule to the European Communities (Non-Life Insurance) Regulations, 1976, the insurer referred to in Article 4 (2) of these Regulations may carry on insurance business in the State without an authorisation provided that the undertaking has notified the Bank of the undertaking's intention to carry on the business in that manner and that the Bank has given its consent.