1. A competent authority may prohibit or restrict the following in or from its Member State:
(a) the marketing, distribution or sale of insurance-based investment products or insurance-based investment products with certain specified features; or
(b) a type of financial activity or practice of an insurance or reinsurance undertaking.
2. A competent authority may take the action referred to in paragraph 1 if it is satisfied on reasonable grounds that:
(a) an insurance-based investment product, or activity or practice gives rise to significant investor protection concerns or poses a threat to the orderly functioning and integrity of financial markets or the stability of whole or part of the financial system within at least one Member State;
(b) existing regulatory requirements under Union law applicable to the insurance-based investment product, or activity or practice do not sufficiently address the risks referred to in point (a) and the issue would not be better addressed by improved s
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