(1) For the purposes of Section 13 of the Assurance Companies Act, 1909, and subject to the provisions of Section 36 of the Insurance Act, 1989, and of these Regulations the following provisions shall have effect:
(a) An assurance undertaking transacting business in the State, proposing to assign all or part of its portfolio of insurance contracts concluded under the right of establishment or freedom to provide service in the State to an insurance undertaking established in the territory of a Member State may apply to the Court, by petition, for an order sanctioning the scheme of assignment.
(b) An insurance undertaking whose head office is situated in the State may, after prior consultation with the Bank, assign all or part of its portfolio of insurance policies including insurance business carried on either by way of services or establishment, to an insurance undertaking established in the State or in another Member State. The assignment shall not be effected unless the supervis