Cap. 487 Art. 40Striking name off Tied Insurance Intermediaries Company Register or the Tied Insurance Intermediaries List.

(1) Where an authorised undertaking elects to strike the name of a person off its Tied Insurance Intermediaries Company

Register, such undertaking shall forthwith notify in writing the person concerned and the competent authority specifying the date on which it elects to strike the name of that person off the register.

(2) Where an authorised undertaking strikes the name of a person off its Tied Insurance Intermediaries Company Register on grounds of unfitness and improperness or because the person concerned has acted fraudulently, or dishonestly, or in such manner as to cease to be trustworthy, the undertaking shall also notify in writing the competent authority the reasons for so doing.

(3) On receiving a notification from an authorised undertaking that such undertaking has elected to strike the name of a person off its Tied Insurance Intermediaries Company Register, the competent authority shall -

(a) if the striking of such name off the register is on grounds other than those specified in sub-article (2), as early as reasonably practicable, confirm in writing to the authorised undertaking that the name of such person, in so far as it relates to that undertaking, shall be struck off the Tied Insurance Intermediaries List as from the date specified in the undertaking’s notification;

(b) if the striking of such name off the register is on grounds specified in sub-article (2), before striking the name of such person off the Tied Insurance Intermediaries List, forthwith, give the person concerned notice in writing setting out the reasons for so doing and the provisions of article 17(2) and (3) shall mutatis mutandis apply to a notice given under this article.

(4) Without prejudice to any action which the competent authority may deem appropriate under this Act or any other law, where the competent authority strikes the name of a person off the Tied Insurance Intermediaries List on the grounds specified in sub-article (2), the competent authority shall give publicity to the striking shall also forthwith notify in writing that other undertaking and direct it to strike forthwith the name of that person off the Tied Insurance Intermediaries Company Register of that undertaking and give the undertaking the reasons for its direction;

(b) the provisions of article 53A shall apply.

(5) The competent authority shall have power to order that all expenses incurred by the publication of a notice pursuant to this article, or such part thereof as it may deem appropriate, shall be paid by the person concerned; and any sum so due shall be recoverable by the competent authority in the same manner as an administrative penalty imposed under this Act.

(6) Where an authorised undertaking receives in writing an application from a person registered in the Tied Insurance Intermediaries Company Register of the undertaking requesting such undertaking to strike the name of that person off the said register, the undertaking shall without undue delay strike the name of that person off the said register and notify in writing the person concerned and the competent authority specifying the date on which it elects to strike the name of that person off the register.

(7) Where, on an application made to an authorised undertaking under sub-article (6), the undertaking refuses, or unduly prolongs the process, to strike the name of a person off its Tied Insurance Intermediaries Company Register, the person concerned may refer the matter to the competent authority and the competent authority shall issue in writing to the undertaking concerned those directives it deems necessary to oblige the undertaking to hasten the process to strike the name of that person off its register.

(8) On notification by the competent authority to an authorised undertaking that the name of a person registered in the Tied Insurance Intermediaries Company Register of the undertaking has been struck off the Tied Insurance Intermediaries List, the undertaking concerned shall forthwith surrender to the competent authority the certificate of enrolment relating to that person, and any official copies thereof.