Cap. 487 Art. 15Automatic striking off of registration or enrolment of intermediaries.

(1) An intermediary registered or enrolled under this Act shall automatically be struck off the register or list, if -

(a) the intermediary does not commence to carry out the insurance distribution activities or reinsurance distribution activities pursuant to the enrolment within twelve months of it being granted, or within such other period as may be specified in the enrolment; or

(b) the intermediary is declared bankrupt or goes into liquidation or makes a composition with creditors of the intermediary or is otherwise dissolved; or

(d) in the case of a foreign company enrolled in terms of article 13, the overseas regulatory authority in the country of registration or where the head office is situated withdraws the registration or permission to carry out such activities.

(2) Sub-article (1)(a) shall not apply to a person enrolled to act as an insurance manager.