Cap. 487 Art. 43IProtection 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 Ancillary Insurance Intermediaries List;

(ii) strike the name of a person off the intermediary:

(i) ceases to fulfil any of the requirements laid down in articles 43C(1) and 43F, and where applicable, any Insurance Distribution Rules issued under the said articles; or

(ii) fails to comply with conduct of business requirements set out in Conduct of Business Rules;

(c) strike the name of a person off the Ancillary 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 or the insurance broker 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 insureds, policyholders, creditors or other interested persons.