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49.—(1) An insurance undertaking or reinsurance undertaking may make a group application to the PRA where the PRA is the group supervisor for the group to which the undertaking belongs.
(2) Where the PRA receives a group application, it may grant the approval in accordance with the procedure specified in Schedule 5.
(3) Where the PRA grants an approval under paragraph (2), the approval may include conditions to which the approval is subject.
(4) The PRA may revoke an approval granted under paragraph (2).