(1) If an insurance undertaking whose head office is located in the State fails to comply with Article 13, the Bank may, after notifying the supervisory authorities of the Member States in which the risks underwritten by the undertaking exist, give the undertaking a direction in writing prohibiting the free disposal of the undertaking's assets.
(2) If the solvency margin of an insurance undertaking whose head office is located in the State falls below the minimum amount required by Annex II to these Regulations, the Bank shall give the undertaking a direction in writing requiring the undertaking to submit for the Bank's approval a plan for restoring the undertaking to a sound financial position.
(2A) An undertaking to which a direction is given under sub-article (2) shall comply with the direction within such period as is specified in the direction.
(3) If, where sub-article (2) applies, it appears to the Bank that the financial position of an insurance undertaking is likely to deterio
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