(1) Where the Commission is satisfied that a friendly society which is authorised to carry on insurance business -
(a) has ceased to carry on
(i) in the case of a society to which section 37(2) or (3) above applies, in the EEA States;
(ii) in any other case, in the United Kingdom,
any insurance business, or insurance business of any class (or of any part of a class) specified in the society's authorisation; or
(b) has not, since the grant of authorisation to carry on insurance business of any class (or part of a class), carried on
(i) in the case of a society to which section 37(2) or (3) above applies, in the EEA States;
(ii) in any other case, in the United Kingdom,
any insurance business or insurance business of that class (or part of a class) and at least twelve months has elapsed since that grant;
the Commission may by notice direct that the society shall cease to be authorised to carry on insurance business or, as the case may be, insurance business of that class (or part of