[55KA Insurance undertakings, reinsurance undertakings and third-country insurance undertakings: particular conditions that enable cancellation]

[55KA  Insurance undertakings, reinsurance undertakings and third-country insurance undertakings: particular conditions that enable cancellation]

[(1)     The conditions referred to in section 55J(7B) are—

(a)     that the insurance undertaking, reinsurance undertaking or third-country insurance undertaking has failed to comply with the appropriate capital requirement; and

(b)     that any of the following applies—

(i)     the insurance undertaking, reinsurance undertaking or third-country insurance undertaking has failed to submit[, in accordance with requirements imposed by or under this Act, a finance scheme for restoring compliance with the appropriate capital requirement;]

(ii)     the insurance undertaking, reinsurance undertaking or third-country insurance undertaking has submitted to the PRA

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