(1) An undertaking which is the holder of an authorisation from the Bank in accordance with Article 15 of the second Directive shall establish and maintain technical reserves relating to its business carried on by way of services under Article 15 of the second Directive in accordance with Article 14 of the Principal Regulations.
(2) An undertaking which carries on insurance business by way of services into another member State through an establishment in the State shall establish and maintain technical reserves relating to its business carried on by way of services in accordance with Article 14 of the Principal Regulations.
(3) Notwithstanding Article 14, subarticle (2) of the Principal Regulations, an undertaking carrying on insurance business by way of services into another member State from an establishment in the State for risks other than large risks shall not be required to localise in the State assets of an amount equal to the technical reserves relating to such business wh