PART II - LICENSING OF INSURER, INSURANCE BROKER AND ADJUSTER
Section 31. Revocation of licence.
(1) The Minister, on the recommendation of the Bank, may revoke the licence of a licensed insurer, and the Bank may revoke the licence of a licensed insurance broker, licensed adjuster or licensed financial adviser, as the case may be, if-
[Am. Act A1247:s.15]
(a) the licensed insurer has ceased to issue any new policy in respect of its licensed business;
(b) the licensed insurance broker has ceased to carry on insurance broking business;
(c) the licensed adjuster has ceased to carry on adjusting business;
(ca) the licensed financial adviser has ceased to carry on financial advisory business;
[Ins. Act A1247:s.15]
(d) the licensee is carrying on its business in a manner which is likely to be detrimental to the interests of its customers;
(e) the licensee is contravening or has contravened any of the provisions of this Act or any conditions imposed on its licence or any directions given by the Bank under this Act regardless that there has been no prosecution for an offence in respect of such contravention;
(f) the licensee, or any of its officers responsible for its management, has furnished false, misleading or inaccurate information or has concealed, or failed to disclose, material facts in its application for a licence or in any returns filed under this Act;
(g) the licensee, or any of its directors or officers responsible for its management, has been convicted of an offence under this Act or an offence relating to fraud or dishonesty under any other written law;
(h) the licensee is unable to meet its obligations under this Act, financial or otherwise;
(i) the licensee proposes to make or has made a composition or arrangement with its creditors or has gone into liquidation or has been ordered to be wound up or otherwise dissolved;
(j) a receiver or manager of the property of the licensee has been appointed;
(k) possession of property of the licensee has been taken by or on behalf of a debenture holder pursuant to a charge on the property; or
(l) it is in the interest of the public to do so.
(2) The Minister, on the recommendation of the Bank, may revoke the licence of a licensed insurer if he is satisfied that it has failed to effect reinsurance arrangements appropriate to the business and has failed to comply with the Bank's written direction on reinsurance arrangements under subsection 57(3).
(3) Where a licence is proposed to be revoked, a written notice specifying the proposed revocation and the grounds for the revocation shall be given to the licensee.
(4) The licensee shall be given an opportunity to make written representation to the Bank within fourteen days of service of the notice.
(5) Where no written representation is received by the Bank within the period specified under subsection (4), the Minister, or the Bank, as the case may be, shall revoke the licence by written notice.
(6) Where representation is received, the Minister, in the case of a licensed insurer, or the Bank, in the case of a licensed insurance broker, licensed adjuster or licensed financial adviser, upon considering the representation, shall give the licensee written notice of the decision. #
[Am. Act A1247:s.15]
(7) A revocation under subsection (5), or a decision under subsection (6), shall not take effect from a date earlier than fourteen days from the date of notice.
(8) Where the Minister, in the case of a licensed insurer, or the Bank, in the case of a licensed insurance broker, licensed adjuster or licensed financial adviser, decides not to revoke the licence, the Minister or the Bank, as the case may be, may impose such condition or restriction on the licence as may be specified in the notice.
[Am. Act A1247:s.15]
(9) A revocation of a licence shall be published in the Gazette as soon as possible, but any delay in the publication or failure to make the publication shall not in any manner affect the validity of the revocation.
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# See P.U.(B) 102/2002