(1) The Regulator may:
(a) grant approval;
(b) grant approval with conditions or restrictions; or
(c) refuse approval;
for the creation of a new Cell.
(2) The procedures in Part 21 of the FSMR apply to a decision of the Regulator under (1)(b) and (1)(c).
(3) If the Regulator decides to exercise its power under (1)(b) and (c), the Insurer may refer the matter to the Regulatory Committee for review.