Insurance Act, 1989
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Revocation of authorisation where no business is being done. |
21.— (1) Subject to the provisions of this section, the Minister may— | |
(a) revoke an authorisation in any class or part of a class of life or non-life insurance if he is satisfied that no business has been carried on under the authorisation for the last two consecutive years, or if the holder of an authorisation has reduced the scale of its business in a class or part of a class of life or non-life insurance so as to amount in effect to a cessation of the carrying on of business in that class or part of a class; | ||
(b) suspend an authorisation in any class or part of a class of life or non-life insurance if he is satisfied that business has ceased temporarily or if the undertaking has so reduced the scale of its business in that class or part of a class of business as to amount in effect to a temporary cessation of the carrying on of such business, and he may lay down conditions for the removal of the suspension of the authorisation. | ||
(2) For the purpose of this section the carrying on of insurance business shall be taken to mean the issue in the State of policies of insurance. | ||
(3) Subsection (1) shall not apply to cessation or reduction of business or revocation or suspension of authorisations required by direction of the Minister under section 18 . | ||
(4) The revocation or suspension of an authorisation under this section shall be carried out in accordance with the procedures provided for in section 58 . |