ARTICLE 26

1 . THE AUTHORIZATION GRANTED BY THE COMPETENT AUTHORITY OF THE MEMBER STATE IN WHOSE TERRITORY THE HEAD OFFICE IS SITUATED MAY BE WITHDRAWN BY SUCH AUTHORITY IF THE UNDERTAKING : ( A ) NO LONGER FULFILS THE CONDITIONS OF ADMISSION ; ( B ) HAS BEEN UNABLE , WITHIN THE TIME ALLOWED , TO TAKE THE MEASURES CONTAINED IN THE RESTORATION PLAN OR FINANCE SCHEME REFERRED TO IN ARTICLE 24 ; ( C ) FAILS SERIOUSLY IN ITS OBLIGATIONS UNDER THE NATIONAL REGULATIONS . IN THE EVENT OF THE WITHDRAWAL OF THE AUTHORIZATION , THE SUPERVISORY AUTHORITY OF THE HEAD-OFFICE MEMBER STATE SHALL NOTIFY SUCH WITHDRAWAL TO THE SUPERVISORY AUTHORITIES OF OTHER MEMBER STATES WHICH HAVE AUTHORIZED THE UNDERTAKING ; THEY SHALL , THEREUPON , ALSO WITHDRAW THEIR AUTHORIZATION . THE SUPERVISORY AUTHORITY OF THE HEAD-OFFICE MEMBER STATE SHALL , IN CONJUNCTION WITH SUCH OTHER AUTHORITIES , TAKE ALL NECESSARY MEASURES TO SAFEGUARD POLICY-HOLDERS' INTERESTS AND , IN PARTICULAR , SHALL RESTRICT THE FREE DISPOSAL OF THE ASSETS OF THE UNDERTAKING IF SUCH RESTRICTION HAS NOT BEEN ALREADY IMPOSED IN ACCORDANCE WITH THE PROVISIONS OF THE SECOND SUBPARAGRAPH OF ARTICLE 24 ( 1 ) AND ( 3 ) . 2 . AN AUTHORIZATION GRANTED TO AN AGENCY OR BRANCH OF AN UNDERTAKING WHOSE HEAD OFFICE IS SITUATED IN ANOTHER MEMBER STATE MAY BE WITHDRAWN IF THE AGENCY OR BRANCH : ( A ) NO LONGER FULFILS THE CONDITIONS FOR ADMISSION ; ( B ) FAILS SERIOUSLY IN ITS OBLIGATIONS UNDER THE REGULATIONS OF THE MEMBER STATE WHERE IT CARRIES ON ITS ACTIVITY , WITH RESPECT IN PARTICULAR TO THE ESTABLISHMENT OF RESERVES REFERRED TO IN ARTICLE 17 . BEFORE WITHDRAWING AUTHORIZATION THE SUPERVISORY AUTHORITIES OF THE MEMBER STATE WHERE THE ACTIVITY IS CARRIED ON SHALL CONSULT THE SUPERVISORY AUTHORITY OF THE MEMBER STATE WHERE THE HEAD OFFICE IS SITUATED . IF THEY DEEM IT NECESSARY TO SUSPEND THE BUSINESS OF SUCH AGENCY OR BRANCH BEFORE CONSULTATION IS CONCLUDED , THEY SHALL IMMEDIATELY ADVISE THE SUPERVISORY AUTHORITY OF THE COUNTRY WHERE THE HEAD OFFICE IS SITUATED . 3 . ANY DECISION TO WITHDRAW AUTHORIZATION OR SUSPEND BUSINESS SHALL BE SUPPORTED BY PRECISE REASONS AND NOTIFIED TO THE UNDERTAKING IN QUESTION . EACH MEMBER STATE SHALL MAKE PROVISION FOR A RIGHT TO APPLY TO THE COURTS AGAINST SUCH A DECISION . TITLE III RULES APPLICABLE TO AGENCIES OR BRANCHES ESTABLISHED WITHIN THE COMMUNITY AND BELONGING TO UNDERTAKINGS WHOSE HEAD OFFICES ARE OUTSIDE THE COMMUNITY

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Source: EUR-Lex (Cellar) · retrieved 2026-10-29 · Text as adopted (Official Journal); later amendments are not incorporated in this text.