Cap. 487 Art. 41Protection of the public or other interest.

(1) Notwithstanding any provision of this Act, the competent authority may, at any time:

(a) on grounds of unfitness and improperness or of protection of the public interest:

(i) refuse to enrol a person in the Tied Insurance Intermediaries List;

(ii) strike the name of a person off the Tied Insurance Intermediaries List;

(b) strike the name of a person off the Tied Insurance investment product or in relation to any insurance product other than an insurance-based investment product, set out in Conduct of Business Rules; or

(ii) ceases to fulfil any of the requirements laid down in articles 35(1), 35A and 38, and where applicable, any Insurance Distribution Rules issued under the said articles;

(c) strike the name of a person off the Tied Insurance Intermediaries List, where it comes to the knowledge of the competent authority that any document or information provided pursuant to the application for enrolment, or any information given in connection therewith, is false, incorrect or misleading in any material particular:

Provided that, in each case, the competent authority shall inform the undertaking concerned in writing of the reasons for so doing.

(2) In each case the competent authority may take any other measure as it may deem necessary to safeguard the interests of insured, policyholders, creditors or other interested persons.