Cap. 403 Art. 26Power of the competent authority to suspend or revoke an authorisation.

Without prejudice to anything contained in any other provision of this Act, the competent authority may at any time suspend or revoke an authorisation issued or held under this Act if -

(a) any document or information accompanying an application for authorisation, or any information given in connection therewith, is false, incorrect or misleading in any material particular, or if the authorised insurance or reinsurance undertaking has concealed, or conceals from, or fails to notify to the competent authority any document or information or change therein which it was its duty to reveal or to notify under this Act and any regulations, Insurance Rules or Conduct of Business Rules made thereunder; or

(b) the authorised insurance or reinsurance undertaking ceases to carry on the business for which the authorisation was issued for more than six months; or

(c) the authorised insurance or reinsurance undertaking suspends payment or is about to suspend payment; or

(d) it considers that the authorised insurance or reinsurance undertaking does not fulfil or comply with the requirements of, or has contravened, any of the provisions of this Act and any regulations made thereunder, or any Insurance Rules or any applicable Conduct of Business Rules, or, or has failed to satisfy or comply with any condition to which it or the authorisation held by it is subject by virtue of or under this Act; or t

(e) it considers hat any of the directors, the controllers and any other person who effectively directs the business the undertaking is authorised to carry on is no longer a fit and proper person to ensure its sound and prudent management; or

(f) it receives a written request so to do from the authorised insurance or reinsurance undertaking; or

(g) the authorised insurance or reinsurance undertaking does not commence to carry on business pursuant to the authorisation within twelve months of its issue; or

(h) the authorised insurance or reinsurance undertaking no longer possesses sufficient own funds as determined in article 14; or

(i) the authorised insurance or reinsurance undertaking does not comply with the Minimum Capital Requirement and the competent authority considers that the finance scheme submitted is manifestly inadequate or the undertaking concerned fails to comply with the approved scheme within three months from the observation of non-compliance with the Minimum Capital Requirement;

(j) the authorised insurance or reinsurance undertaking is likely to become unable to meet its obligations or can no longer be relied upon to fulfil or satisfy its obligations towards insureds, policyholders, creditors or other interested persons; or

(k) close links exist between the authorised insurance or reinsurance undertaking and another person, and the competent authority is prevented from exercising its supervisory functions effectively either by reason of those close links or by reason of any law, regulation or administrative provision of a country outside Malta governing that other person, or by reason of difficulty in their enforcement; or

(ka) the authorised insurance undertaking fails to comply with the conduct of business requirements in relation to the distribution of an insurance-based investment product or in relation to the distribution of any insurance product other than an insurance-based investment product, set out in Conduct of Business Rules; or

(l) any of the circumstances under which the competent authority would have been precluded from issuing an authorisation under this Act, materialises itself or where under this Act it would have been entitled to refuse to issue such authorisation.