[(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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