Insurance Act, 1989
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Power to attach conditions to authorisations. |
24.—(1) Where the Minister considers it expedient in the public interest or in the interest of policyholders, he may, at the time of the issue of an authorisation or at any other time, require the holder of an authorisation to give undertakings by a specific date as to the manner in which its business shall be conducted, and such holder shall give and shall comply with the undertakings so required. | |
(2) The holder of an authorisation shall furnish to the Minister annually or at such more frequent intervals as the Minister may request such returns and documents or other information in such form and manner as he may require as are necessary to enable the Minister to verify that the undertakings mentioned in subsection (1) are being complied with. | ||
(3) Where the holder of an authorisation fails to comply with subsections (1) or (2) the Minister may suspend or revoke the authorisation in any class or part of a class of business in accordance with the procedures provided for in section 58 . |