(1) The Bank may cancel the authorisation of a reinsurance undertaking established in the State on being satisfied on reasonable grounds that -
(a) the undertaking is failing or has failed to comply with a condition of the authorisation, or
(b) the undertaking is failing or has failed to comply with a direction or requirement imposed on the undertaking by or under these Regulations, or
(c) the undertaking has not carried on reinsurance business within the immediately preceding 6 months, or
(d) the authorisation was obtained by means of a false or misleading representation, or
(e) the undertaking has become subject to an insolvency process, such as winding-up or bankruptcy, or
(f) since the authorisation was granted, the circumstances under which it was granted have changed to the extent that an application for an authorisation would be refused had it been made in the changed circumstances, or
(g) the undertaking has failed, within the permitted period, to implement a restoration plan p
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