Cap. 403 Art. 25Automatic revocation of an authorisation.

An authorisation issued or held under this Act shall automatically be revoked if the authorised insurance or reinsurance undertaking -

(a) is declared bankrupt or goes into liquidation or makes a composition with its creditors or is otherwise dissolved; or

(b) has ceased to operate as a result of a merger with another undertaking carrying on business of insurance or for any other reason whatsoever; or

(c) is a third country insurance or reinsurance undertaking, and the overseas regulatory authority in the country of registration, incorporation or constitution withdraws the authorisation from the undertaking.