Regulation 58 Notification of non-provision of insurance or non-carrying on of business
Subject to paragraph (2) below, where a society which has notified the Commission—
in accordance with paragraph 1 of Schedule 13B to the 1992 Act, of its intention to establish an overseas branch in a member State other than the United Kingdom; or
in accordance with paragraph 5 or 9 of that Schedule, of its intention to provide insurance in an EEA State other than the United Kingdom,
does not in any financial year carry on insurance business or, as the case may be, provide insurance in that State, it shall send to the Commission a notification of that fact within nine months after the end of the financial year to which the notification relates, signed by the chief executive or secretary of the society.
Paragraph (1) above shall not apply if the society has, before the beginning of the financial year, informed the Commission that it no longer intends to carry on insurance business or, as the case may be, provide insurance in the member State or EEA State in question.
The Commission shall—
consider any notification given under paragraph (1) above; and
if the notification appears to it to be inaccurate or incomplete in any respect, communicate with the society with a view to the correction of any inaccuracies and the supply of any deficiencies.