S.L. 403.19 ст. 10Withdrawal of authorisation.

(1) Without prejudice to article 26 of the Act, the competent authority may withdraw an authorisation granted to an authorised reinsurance special purpose vehicle in the following cases:

(a) when it no longer fulfils the conditions under which the authorisation to establish a reinsurance special purpose vehicle was granted; or

(b) when it fails seriously in its obligations under the EU Regulations, these regulations or any Insurance Rules issued hereunder, or any applicable provisions of the Act, or any regulations or Insurance Rules issued thereunder, to which it is subject.

(2) Without prejudice to the generality of sub-regulation (1)(b), the competent authority shall consider the authorised reinsurance special purpose vehicle to have committed a serious failure where it does not comply with the requirement to remain fully funded and the competent authority considers that the authorised reinsurance special purpose vehicle cannot restore its compliance within a reasonable time-frame not exceeding three months from the observation of non-compliance with the fully funded requirement.

(3) Any decision to withdraw an authorisation shall state the

(4) For the purposes of sub-regulation (3), and in so far as concerns the withdrawal of authorisation, the provisions of article 27 of the Act shall apply mutatis mutandis: Provided that, references to "revocation of an authorisation" in article 27 of the Act shall be construed as a reference to withdrawal of an authorisation.

(5) Any person who is aggrieved by a decision of the competent authority to withdraw an authorisation under this regulation may appeal against the decision to the Financial Services Tribunal.