Article 31 Variation or revocation of requirements imposed on former underwriting members

(1)

Paragraphs (2), (3) and (4) apply if—

(a)

before the commencement date, the Authority gave a warning notice under section 321(8)^f1 (requirements imposed under section 320), and

(b)

had not given a decision notice or a notice of discontinuance following that warning notice.

(2)

The warning notice is to be treated as if it had been given by the PRA.

(3)

Any representations made to the Authority before the commencement date in respect of the warning notice are to be treated as if they had been made to the PRA.

(4)

If the period for making representations in respect of the warning notice had not expired before the commencement date, representations are to be made to the PRA.

(5)

Paragraph (6) applies if—

(a)

before the commencement date, the Authority gave a decision notice under section 321(9), and

(b)

had not given a final notice on taking the action to which the decision notice related or a notice of discontinuance.

(6)

The decision notice is to be treated as if it had been given by the PRA.

(7)

This article does not apply in the event that, on the commencement date, the activity of effecting or carrying out contracts of insurance as principal is not to any extent a PRA-regulated activity.

Annotations

Footnotes

f1: Section 321 is amended by the 2012 Act, section 40.