(1) Any undertaking applying for an authorisation shall comply with the following provisions:
(a) It shall be a company limited by shares, a company limited by guarantee or an unlimited company within the meaning (in each case) of the Companies Acts, 1963 to 1990, a society registered under the Industrial and Provident Societies Acts, 1893 to 1978, or a Society registered under the Friendly Societies Acts, 1896 to 1977; it may also adopt the form of a European Company (SE) when that has been established.
(aa) Its head office and registered office shall be in the State.
(b) An undertaking set up in any public law form may apply for an authorisation provided such body has as its object insurance operations under conditions equivalent to those under which private law insurance undertakings operate.
(2) The undertaking shall also comply with the following provisions:
(a) It shall limit its operations to the business provided for in these Regulations and to operations directly arising there
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