(1) This section applies if -
(a) a relevant EEA firm has a branch in the United Kingdom; and
(b) the appropriate regulator ascertains that the firm has contravened, or is contravening, a requirement to which Article 8.1 of the insurance distribution directive applies.
(2) The appropriate regulator may exercise its powers of intervention in respect of the relevant EEA firm.
(3) Subsection (2) applies whether or not the appropriate regulator’s power of intervention is also exercisable as a result of section 194, 195 or 195C.
(4) If the appropriate regulator exercises its power in respect of the relevant EEA firm by virtue of subsection (2), it must notify the home state regulator, the Commission and EIOPA without undue delay of -
(a) the fact that the appropriate regulator has exercised that power in respect of that firm;
(b) any requirements it has imposed on the firm in exercise of the power; and
(c) the reasons for the exercise of that power.
(5) In this section -