[195C Contravention by relevant EEA firm of requirement in insurance distribution directive: home state regulator primarily responsible for securing compliance]
[195C Contravention by relevant EEA firm of requirement in insurance distribution directive: home state regulator primarily responsible for securing compliance]

[(1)     This section applies if the appropriate regulator has reason to believe that a relevant EEA firm has contravened, or is contravening, a requirement to which Article 5.1 or 8.2 of the insurance distribution directive applies, unless that firm is the subject of an agreement under section 203A (in which case, the provisions in that agreement apply).

(2)     The appropriate regulator must notify the relevant EEA firm's home state regulator of the situation mentioned in subsection (1).

(3)     The notice under subsection (2) must—

(a)     request that the home state regulator take all appropriate measures for the purpose of ensuring that the relevant EEA firm puts an end to the contravention;

(b)     state that the appropriate regulator's power of intervention is likely to become exercisable in relation to the relevant EEA firm if it continues the contravention; and

(c)     indicate any requirements that the appropriate regulator proposes to impose on the relevant EEA firm in exercise of its power of intervention in the event of the power becoming exercisable.

(4)     The appropriate regulator may exercise its power of intervention in respect of the relevant EEA firm if—

(a)     a reasonable period of time has elapsed since the giving of the notice under subsection (2), and

(b)     conditions A to C are satisfied.

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203 . . .