(1) Where an insurance undertaking whose head office is situated in the State carries on insurance business through a branch situated in another Member State, the Bank may, after having informed the supervisory authorities of the Member State of the branch, carry out on-the-spot verification of the information required to ensure the financial supervision of the insurance undertaking.
(2) The supervisory authorities of the Member State of the branch may participate in such verification where the law of the Member State of the branch so allows.
(3) Where an insurance undertaking whose head office is situated in another Member State carries on insurance business through a branch situated in the State, the Bank shall, after having been informed by the supervisory authorities of that Member State, allow the supervisory authorities of the head office Member State to carry out on-the-spot verification of the information required to ensure the financial supervision of the insurance undertaking
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