S.L. 403.24 Art. 16Revocation of authorisation of a third country undertaking authorised in more than one Member State or EEA State.

(1) Where a third-country insurance undertaking or third country reinsurance undertaking has been granted an approval under regulation 15:

(a) the competent authority shall notify the European regulatory authorities where such undertaking operates, where:

(i) the competent authority is the authority responsible for supervising the solvency of the entire business of the branches of the undertaking; and

(ii) it revokes the authorisation granted to that undertaking under article 7 of the Act;

(b) the competent authority shall, without prejudice to the powers granted to it under the Act, revoke the authorisation granted to that undertaking under article 7 of the Act, if a European regulatory authority responsible for supervising the solvency of the entire business of the branches of the undertaking:

(i) notifies the competent authority that it has withdrawn the undertaking’s authorisation pursuant to Article 162 of the Solvency II Directive; and

(ii) the reason given for the withdrawal is the inadequacy of the undertaking’s overall state of solvency as determined by the competent authority and all the European regulatory authorities concerned which agreed to the request, referred to in regulation 15(3).