(1) An undertaking shall not carry on insurance business by way of services into the State in respect of the coverage of risks other than large risks unless it is the holder of an authorisation granted by the Bank under this Article and unless it carries on such insurance business by way of services in accordance with the terms of the authorisation.
(2) An undertaking which intends to carry on insurance business by way of services into the State in respect of the coverage of risks other than large risks shall, when applying for an authorisation, submit to the Bank:
(a) a certificate issued by the supervisory authorities of the member State in whose territory the head office is situated attesting that it possesses for its activities as a whole the minimum solvency margin calculated in accordance with Articles 16 and 17 of the first Directive and that this authorisation in accordance with Article 7 (1) of the first Directive, enables the undertaking to carry on insurance business ou