S.L. 403.15 Art. 13Revocation of the authorisation.

(1) Where winding-up proceedings have commenced in respect of a Maltese insurance undertaking, the authorisation of the Maltese insurance undertaking shall be automatically revoked in terms of article 25(a) of the Act, except to the extent necessary for the purposes of sub-regulation (3).

(2) Where any action has been taken in terms of sub-regulation (1), the provisions set out in article 27(5) of the Act shall apply.

(3) The revocation of authorisation pursuant to subregulation

(1) shall not prevent the liquidator or any other person appointed by the relevant authorities from carrying on some of the Maltese insurance undertaking’s activities in so far as that is necessary or appropriate for the purposes of winding up: Provided that, such activities shall be carried on with the consent and under the supervision of the competent authority.