—(1) If it appears to the Authority that any document lodged in accordance with section 36 or 37 —
is, in any particular, unsatisfactory, incomplete, inaccurate or misleading; or
does not comply with the requirements of this Act,
the Authority may, by notice in writing, require such explanations as it may consider necessary to be made by or on behalf of the insurer within such time (not being less than 14 days) as is specified in the notice.
(2) The Authority may, after considering the explanations referred to in subsection (1), or if such explanations have not been given by or on behalf of the insurer within the time specified in that subsection, reject the document or give such directions as it may think necessary for its variation within such time (not being less than one month) as is specified in the directions.
(3) Directions given under subsection (2) with respect to any document may require such consequential variations of any other document lodged by the insurer under section 36 or 37 as may be specified in the directions.
(4) Where directions are given under subsection (2), any document to which they relate shall be deemed not to have been lodged until it is re-submitted with the variations required by the directions, but the insurer shall be deemed to have submitted the document within the time limited by regulations prescribed under section 36(1) if it is re-submitted with the required variations within the time limited by the directions.