Withdrawal of authorisation for third-country insurance undertakings authorised in more than one EEA StateU.K.
51.—(1) Where a third-country insurance undertaking has been granted an approval under regulation 50—
(a)the PRA must notify the supervisory authorities in the other EEA States where that undertaking operates if—
(i)the PRA is the supervisory authority responsible for supervising the solvency of the entire business of the undertaking's branches; and
(ii)the PRA cancels the undertaking's Part 4A permission;
(b)the PRA must cancel the undertaking's Part 4A permission if—
(i)another supervisory authority is responsible for supervising the solvency of the entire business of the undertaking's branches;
(ii)that supervisory authority notifies the PRA that it has withdrawn the undertaking's authorisation given under national laws implementing Article 162 of the Solvency 2 Directive; and
(iii)the reason given for the withdrawal is the inadequacy of the undertaking's overall state of solvency as determined by the supervisory authorities referred to in regulation 50(2).