If the Minister proposes to take action (the proposed action ), mentioned in regulation 81 (2) (Action other than revocation of insurer's approval) in relation to an insurer, or to revoke the insurer's approval the Minister must give the insurer a notice—
(a) stating the proposed action; and
(b) stating the grounds for the proposed action; and
(c) inviting the insurer to make written representations, within a stated period of not less than 14 days after the day the insurer is given the notice, about why the proposed action should not be taken.