2.Should at least two of the Member States in question approve the application in whole or in part, the competent authority of the Member State in whose territory the oldest establishment of the applicant is situated shall verify the state of solvency of the undertaking with respect to the entire business carried on by it within the Member States which approve the application. However, at the request of the undertaking and with the unanimous approval of the Member States concerned, such verification may be carried out by the competent authority of another Member State. The authority carrying out the verification shall obtain from the other Member States the necessary information regarding the agencies or branches established in their territories.
1.Any undertaking which has requested or obtained authorization from more than one Member State may apply for the following advantages which may be granted only jointly:
(a)1. Any undertaking which, having obtained an authorization from one Member State, obtains an authorization from one or more other Member States to establish other agencies or branches therein may apply for one or more of the following advantages: (a) That the solvency margin referred to in Article 25 shall be calculated in relation to the entire business which it undertakescarries on within the Community ;Community; in such case, account shall be taken only of the premiums or contributions and claims pertaining to the businessoperations effected by all the agencies or branches established within the Community;Community (b) That it be dispensed from lodgingfor the deposit required under Article 23 (2) (e), in such States also; (c) That the assets representing the guarantee fund be kept in any onepurposes of thethis Member States in which it carries out business.calculation;
(b)3. Thethe advantagesdeposit conferredrequired by thisunder Article may23 (2) (e) shall be withdrawnlodged uponin theonly initiativeone of one or more of thethose Member States concerned.States;
(c)the assets representing the guarantee fund shall be localized in any one of the Member States in which it carries on its activities.
2.Application to benefit from the advantages provided for in paragraph 1 shall be made to the competent authorities of the Member States concerned. The application must state the authority of the Member State which in future is to supervise the solvency of the entire business of the agencies or branches established within the Community. Reasons must be given for the choice of authority made by the undertaking. The deposit shall be lodged with that Member State.
3.The advantages provided for in paragraph 1 may only be granted if the competent authorities of all Member States in which an application has been made agree to them. They shall take effect from the time when the selected supervisory authority informs the other supervisory authorities that it will supervise the state of solvency of the entire business of the agencies or branches within the Community.
The supervisory authority selected shall obtain from the other Member States the information necessary for the supervision of the overall solvency of the agencies and branches established in their territory.
4.At the request of one or more of the Member States concerned, the advantages granted under this Article shall be withdrawn simultaneously by all Member States concerned.