1. Branches of foreign Insurance Companies shall be obligated to submit an unconditional and irrevocable bank guarantee in favor of the Central Bank, in an amount determined by the Board of Directors, from time to time, in the event of engaging in (re)insurance business and services. 2. The Central Bank may take into consideration the bank guarantee referred to in item (1) of this article among the acceptable assets for the purpose of calculating solvency requirements.
Interpretation and application must be checked against the official text and current version.