1. By way of derogation from Articles 32 and 33, Member States may provide that an appropriate insurance guarantee scheme is assigned with the duties and rights of a bridge undertaking. While ensuring the interests of policy holders, continuity of insurance relationships and settlement of claims, and ensuring that the objectives of this Directive are still adequately met, Member States may provide for a transfer, to such insurance guarantee scheme, of:

(a) shares or other instruments of ownership issued by one or more undertakings under resolution; or

(b) all or any assets, rights or liabilities of one or more undertakings under resolution.

Resolution authorities shall ensure that the total value of liabilities transferred to the insurance guarantee scheme does not exceed the total value of the rights and assets transferred from the undertaking under resolution.

2. Member States shall ensure that an insurance guarantee scheme assigned with the duties and rights of a bridge undertaking respects the following requirements:

(a) the resolution authority has approved the constitutional documents of the bridge undertaking;