(1) The financial supervision of an insurance undertaking, including the carrying on of insurance business either by way of services or through branches, shall be the sole responsibility of the home Member State.
(2) Where the head office of the insurance undertaking is situated in the State the Bank shall be responsible for verification with respect to the insurance undertaking's entire business, its state of solvency, the establishment and maintenance of technical reserves and corresponding covering assets in accordance with the Insurance Acts and Regulations.
(3) Every insurance undertaking shall have administrative and accounting procedures and internal control mechanisms which in the opinion of the Bank are sound and adequate.
(4) In order to carry out its functions under paragraph (12) of Article 6 and paragraph (b) of Article 17 the Bank shall require an insurance undertaking to provide the information to establish whether there is the existence of close links between the insura
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