Cap. 487 чл. 16Power of the competent authority to suspend or strike the name off the register or list.

Without prejudice to anything contained in any other provision of this Act, the competent authority may at any time suspend registration or enrolment or strike off the name of a registered or enrolled person from the Agents Register, Managers Register or Brokers Register, or the Agents List, Managers List or

Brokers List if -

(a) any document or information accompanying an application for registration or enrolment, or any information given in connection therewith, is false, incorrect or misleading in any material particular, or the registered or enrolled person has concealed, or conceals from, or fails to notify to the competent authority any document or information or change therein which was the duty of the intermediary to reveal or to notify under this Act and any regulations, Insurance Distribution Rules or Conduct of Business Rules made thereunder;

(b) it considers that the registered or enrolled person does not fulfil the requirements of, or has contravened, any of the provisions of this Act and and any regulations, Insurance Distribution Rules or Conduct of Business Rules made thereunder, or has failed to satisfy or comply with any condition to which he or it, or the registration or the enrolment, is subject by virtue of or under this Act; or

(c) it considers that the registered or enrolled person is unfit to retain his or its name in the Agents Register, Managers Register, Brokers Register or the Agents List, Managers List or Brokers List; or

(d) the enrolled company is no longer managed in a sound and prudent manner to retain its name in the Agents List, Managers List or Brokers List; or

(e) it receives a written request so to do by the registered or enrolled person; or

(f) the enrolled person no longer possesses the required own funds as applicable; or

(g) the enrolled person fails to pay the annual continuance of registration or enrolment fee when due; or

(h) the registered person does not hold a directorship in, or registered or enrolled person is carrying out insurance distribution activities or reinsurance distribution activities, or for any other valid reason, the interest of the insurance industry or of the public is threatened; or

(k) the registered individual or the enrolled person has misappropriated or converted to his or to its own use or illegally withheld monies held, or required to be held, by him or by it in a fiduciary capacity; or

(l) the registered or enrolled person is convicted by any court of law of any criminal offence, unless it is an offence which, owing to its trivial nature or the circumstances under which it was committed, does not render it or him unfit to have his name in the Agents Register, Managers Register or Brokers Register or the Agents List, Managers List or Brokers List; or

(m) the registered or enrolled person is considered by the competent authority to have carried on insurance distribution activities or reinsurance distribution activities in an unprofessional manner; or

(n) the competent authority is prevented from exercising its supervisory functions effectively because of the existence of close links as may be defined by means of Insurance Distribution Rules made under this Act;

(o) the enrolled insurance agent or insurance broker is not utilising the services of intermediaries as required in terms of article 44B; or

(p) the registered or enrolled person fails to comply with the conduct of business requirements in relation to an insurance-based investment product or in relation to any insurance product other than an insurance-based investment product, set out in Conduct of Business Rules; or

(q) the registered or enrolled person ceases to fulfil any of the requirements laid down in articles 8(1)(b) and (c), 10(1)(a)(iii), (iiiA), (iv) and (v), 10(1)(b)(ii)(aa) and (bb), 14A and 20, and where applicable, any Insurance Distribution Rules issued under the said articles.