The Insurance Authority shall take its decision on the application within thirty days from the date of submitting the application, fully completed with all required data and information, and shall notify the applicant of the acceptance or rejection in accordance with the electronic systems prepared for this purpose or other means adopted by the Insurance Authority. In case the decision was to reject the application, then the reason for such decisions must be provided. If the decision was to approve, then the decision shall specify the period of validity of such approval or the Insurance Authority shall restrict its approval with any conditions it deems appropriate for the public interest.

The Authority may reject the request for control if the conditions referred to in Articles (3), (4) and (5) of the Instructions herein are not met or if the request for control may cause unjustifiable harm to the policy holders, the company or the insurance sector or in case of a potential conflict of interest when controlling the company or breach of the objectives to protect and promote competition and anti-monopoly practices or in accordance with the criteria determined by the Insurance Authority.