Insurance Act, 1989
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PART V Miscellaneous | ||
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Appeal against suspension or revocation of authorisation. |
58.—(1) Where the Minister proposes to suspend or revoke an authorisation under section 21 he shall notify the undertaking concerned in writing of such proposed suspension or revocation. | |
(2) A decision by the Minister to suspend or revoke an authorisation under this Act shall be notified in writing to the undertaking affected together with the reasons for the suspension or revocation of the authorisation. | ||
(3) Where an authorisation is suspended or revoked under the provisions of this Act the Minister shall notify the suspension or revocation to the supervisory authorities of any other Member State of the European Communities in which the undertaking carries on business. | ||
(4) Where an undertaking has its head office in another Member State the Minister shall not revoke the authorisation of the undertaking without first consulting the supervisory authority of the Member State in which the head office is situated. The Minister may, however, suspend the authorisation of the undertaking in the State before such consultation is concluded and shall in such a case notify the supervisory authority of the Member State where the head office is situated. | ||
(5) The Minister may terminate the suspension of an authorisation at any time by notifying the undertaking that its authorisation has been restored. | ||
(6) An undertaking may appeal to the Court against a decision of the Minister to suspend or revoke an authorisation. | ||
(7) The whole or part of an appeal under this section may be heard in chambers. | ||
(8) Nothing in this Act in regard to the suspension or revocation of an authorisation shall affect the validity or due continuance and fulfilment of any contract of insurance effected before the suspension or revocation of the authorisation. |