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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 August 2004 - onwards
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Regulation 18 Provisions applying on withdrawal/lapse of authorisation.

(1) Where an authorisation is revoked under Article 17 of these Regulations, the following provisions shall apply: -

(a) the Bank shall notify the revocation to the supervisory authorities of the other member States in which the undertaking carries on business;

(b) the Bank shall, in conjunction with the supervisory authorities of the other Member States in which the undertaking carries on business, restrict the free disposal by the undertaking of its assets in accordance with Article 16 (1), 16 (3) and 16 (4) of these Regulations;

(c) the Bank may give to the undertaking a direction in writing requiring the undertaking to take such further measures to safeguard the interests of persons insured by the insurance undertaking as are specified in the direction.

(2) The following decisions of the Bank are appealable decisions for the purposes of Part VIIA of the Central Bank Act 1942:

(a) a decision of the Bank revoking the authorisation of an insurance undertaking under Article 17;

(b) a

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