1.Each Member State shall make it possible for an undertaking to assign all or part of its portfolio of policies if the assignees possess the necessary solvency margin, due account being taken of the assignment. The supervisory authorities concerned shall consult each other before approving such assignment.
The supervisory authorities concerned shall consult each other before approving such assignment.
2.Once approved by the competent supervisory authority, such assignment shall affect directly the policy-holders or insured concerned.