Section 6. Cancellation of registration. (INSURANCE ACT, 1963

(P.M. ACT 1 OF 1963)
INSURANCE ACT, 1963

PART II - CONDUCT OF INSURANCE BUSINESS
Registration of Federation insurers

Section 6. Cancellation of registration.

(1) Where a Federation insurer ceases to carry on in the Federation insurance business of a class in respect of which it is registered under this Act, the Commissioner may cancel its registration in respect of at class of business, and (subject to sub-section (3)) if the insurer applies for the registration to be cancelled, shall cancel it.

(2) Where a Federation insurer registered under this Act in respect of either class of insurance business is not carrying on business of that class in the Federation otherwise than by the collection or receipt of premiums on Federation policies, the Commissioner may on the application of the insurer cancel its registration in respect of that class of business, and thereafter sub-section (2) of section 3 shall not apply to the insurer in respect of the collection or receipt of those premiums.

(3) So long as an insurer remains under any liability in respect of Federation policies belonging to either class of insurance business, the Commissioner shall not cancel the insurer's registration in respect of that class, unless he is satisfied that reasonable provision has been or will be made for that liability and that adequate arrangements will exist for payment in the Federation of premiums and claims on those policies.

(4) Where any registration of a Federation insurer is cancelled, the Commissioner shall cause notice of the cancellation to be published in the Gazette.