From what I've read, the Ka-32's will pass from EMA to INAC. It is the same thing, if the aircraft are state owned. When a Merlin transports a HEMS patient in the Azores, there is no insurance company, it's the State, and it's essentially the same situation we are discussing.
From what I've read, I understood that the private company will be operating a State owned aircraft (strange, yes), therefore crewmembers will need to have valid JAA licenses, etc, but the helicopter will be exempt. It's not very different from what has happened ever since the Ka-32 arrived in Portugal, if you think of it...
But as I said before, I am not into the details of the situation...