Cap. 403 Art. 27Notification of suspension or revocation of an authorisation.

(1) Subject to the following provisions of this article, where the competent authority intends to suspend or revoke an authorisation pursuant to article 26, it shall give the undertaking concerned notice in writing setting out the reasons for its intention to do so.

(2) Every notice given under sub-article (1) shall state that the undertaking concerned may, within such reasonable period after the service thereof as may be stated in the notice (being a period of not less than forty-eight hours and not longer than thirty days), make representations in writing to the competent authority giving reasons why the authorisation should not be suspended or revoked and the competent authority shall consider any representations so made before arriving at a final decision.

(3) The competent authority shall notify in writing its final decision to the undertaking concerned.

(4) An authorisation issued to a third country insurance or reinsurance undertaking may only be revoked after consultation with the overseas regulatory authority of the country of registration, incorporation or constitution, unless the competent authority decides that the matter is urgent or that there are circumstances which make such prior consultation inappropriate.

(5) In the case of a suspension or a revocation of an authorisation of an undertaking whose head office is in Malta, the competent authority shall:

(a) notify the European regulatory authorities accordingly in order to enable them to take appropriate measures to prevent the insurance or reinsurance undertaking from commencing new operations within their territories;

(b) inform accordingly the overseas regulatory authority of any state in which the undertaking or its subsidiaries are carrying on the business of insurance.

(6) The competent authority shall notify EIOPA of any revocation of authorisation in terms of the Act.