S.L. 403.23 ст. 5Transitional arrangements regarding compliance with the Minimum Capital Requirement.

(1) By way of derogation from articles 18, 26(b), (d), (g),

(i), 27(1) and (5) and 28(1)(c) of the Act, where on the 31

December 2015 an authorised insurance undertaking or an authorised reinsurance undertaking possesses the required solvency margin referred to in Article 28 of the Directive 2002/83/EC,

Article 16a of Directive 73/239/EEC, or Article 37, 38 or 39 of Directive 2005/68/EC respectively, but does not hold sufficient eligible basic own funds to cover the Minimum Capital Requirement, such authorised insurance or reinsurance undertaking shall comply with article 17 of the Act by the 31 December 2016.

(2) Where an authorised insurance undertaking or an authorised reinsurance undertaking fails to comply with article 17 of the Act, within the period set out in sub-regulation (1), the competent authority shall revoke the authorisation of the undertaking concerned. In such a case, the provisions of articles 27 and 28 of the Act shall apply mutatis mutandis.