Article 14U.K.
Article 22 of Directive 73/239/EEC shall be replaced by the following:
‘Article 22
1.Authorization granted to an insurance undertaking by the competent authority of its home Member State may be withdrawn by that authority if that undertaking:
(a)does not make use of that authorization within 12 months, expressly renounces it or ceases to carry on business for more than six months, unless the Member State concerned has made provision for authorization to lapse in such cases;
(b)no longer fulfils the conditions for admission;
(c)has been unable, within the time allowed, to take the measures specified in the restoration plan or finance scheme referred to in Article 20;
(d)fails seriously in its obligation under the regulations to which it is subject.
In the event of the withdrawal or lapse of authorization, the competent authority of the home Member State shall notify the competent authorities of the other Member States accordingly, and they shall take appropriate measures to prevent the undertaking from commencing new operations within their territories, under either the right of establishment or the freedom to provide services. The home Member State's competent authority shall, in conjunction with those authorities, take all measures necessary to safeguard the interests of insured persons and, in particular, shall restrict the free disposal of the undertaking's assets in accordance with Article 20 (1), (2), second subparagraph, or (3), second subparagraph.
2.Any decision to withdraw authorization shall be supported by precise reasons and communicated to the undertaking in question.’