Failure of review

Where an insurance company has been notified under section 13(2) or under section 16(1) of its right to request the 57 Supervisor to refer the proposal concerned to the Minister for review and either– (a) fails to make any such request; or (b) having made such request, withdraws the request or the result of the review is the confirmation, with or without variation, of the Supervisor’s proposal, then, subject to any such variation, the Supervisor shall give effect to his proposal and notify the company in writing accordingly. license.