2. Notwithstanding paragraph 1, where necessary to better protect policy holders by ensuring that insurance policies that are transferred continue to meet the relevant legal requirements with respect to compulsory minimum levels of coverage under applicable national law, resolution authorities may transfer those portfolios of contracts that are part of arrangements and agreements as referred to in paragraph 1 without transferring other assets, rights and liabilities that are part of the same arrangements and agreements, and may transfer, modify or terminate those assets, rights and other liabilities without transferring the portfolios of contracts.