Regulation 48 Conditions for establishing a branch in the State.

Where an insurance undertaking not established in the State intends to carry on insurance business by way of a branch in the State, and where the supervisory authorities of that insurance undertaking have furnished to the Bank the appropriate information referred to in sub-article (2) of Article 46 of these Regulations, including a certificate, attesting that the insurance undertaking possesses the minimum solvency margin calculated in accordance with Annex II to these Regulations, the Bank shall, within two months of receiving the information referred to in this Article, and before the branch commences business, notify the supervisory authority of the home Member State of the conditions under which, in the interest of the general good, the insurance business may be carried on in the State.