(1) The conditions referred to in section 55J(7B) are -
(a) that the insurance undertaking, reinsurance undertaking or third-country insurance undertaking has failed to comply with the appropriate capital requirement; and
(b) that any of the following applies -
(i) the insurance undertaking, reinsurance undertaking or third-country insurance undertaking has failed to submit, in accordance with requirements imposed by or under this Act, a finance scheme for restoring compliance with the appropriate capital requirement;
(ii) the insurance undertaking, reinsurance undertaking or third-country insurance undertaking has submitted to the PRA a finance scheme that is manifestly inadequate; or
(iii) after the PRA has approved a finance scheme submitted to it, the undertaking has failed to comply with the finance scheme within a period of three months beginning with the date when the undertaking first became aware that it had failed to comply with the appropriate capital requirement to which th
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