Any decision to refuse an authorisation shall be accompanied by the precise grounds for doing so and notified to the undertaking in question.
Each Member State shall make provision for a right to apply to the courts should there be any refusal.
Such provision shall also be made with regard to cases where the competent authorities have not dealt with an application for an authorisation upon the expiry of a period of six months from the date of its receipt.
CONDITIONS GOVERNING THE BUSINESS OF ASSURANCE
PRINCIPLES AND METHODS OF FINANCIAL SUPERVISION