(1) Where a third-country insurance undertaking has been granted an approval under regulation 50 -
(a) the PRA must notify the supervisory authorities in the other EEA States where that undertaking operates if -
(i) the PRA is the supervisory authority responsible for supervising the solvency of the entire business of the undertaking’s branches; and
(ii) the PRA cancels the undertaking’s Part 4A permission;
(b) the PRA must cancel the undertaking’s Part 4A permission if -
(i) another supervisory authority is responsible for supervising the solvency of the entire business of the undertaking’s branches;
(ii) that supervisory authority notifies the PRA that it has withdrawn the undertaking’s authorisation given under national laws implementing Article 162 of the Solvency 2 Directive; and
(iii) the reason given for the withdrawal is the inadequacy of the undertaking’s overall state of solvency as determined by the supervisory authorities referred to in regulation 50(2).