The currency in which an insurance undertaking's commitments are payable shall be determined in accordance with the following rules:
1. Where the cover provided by a contract is expressed in terms of a particular currency, the insurance undertaking's commitments are considered to be payable in that currency.
2. Where the cover provided by a contract is not expressed in terms of any currency, the insurance undertaking's commitments are considered to be payable in the currency of the country in which the risk is situated. However, the insurance undertaking may choose the currency in which the premium, is expressed if there are justifiable grounds for exercising such a choice.
This could be the case if, from the time the contract is entered into, it appears likely that a claim will be paid in the currency of the premium and not in the currency of the country in which the risk is situated.
3. The currency in which the insurance undertaking must provide cover will be either that which it wi
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