Article 6
Revocation of approval by the supervisory authority
The supervisory authority may revoke its approval granted to an insurance or reinsurance to use the USP method, when
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(a) |
an undertaking which has been granted approval to use undertaking-specific parameters has ceased to comply with the conditions set out in Article 101 of Directive 2009/138/EC and Articles 218, 219 and 220 of Commission Delegated Regulation (EU) 2015/35; |
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(b) |
in duly justified circumstances, an insurance or reinsurance undertaking wishes to revert to the standard parameters, by sending a request to the supervisory authority, stating the reasons for the inappropriateness of the USP and providing documentary evidence for this. |