Cap. 487 Art. 43GStriking name off Ancillary Insurance Intermediaries Company Register. Insurance Intermediaries List.

Subject to the provisions of article 43H and to the terms and conditions of any relevant ancillary insurance intermediaries appointment at any time and for any reason whatsoever:

(a) any authorised undertaking and enrolled insurance broker may strike off their Ancillary Insurance Intermediaries Company Register the name of any person registered in the said register;

(b) any person registered in the Ancillary Insurance Intermediaries Company Register of an authorised undertaking or an enrolled insurance broker may make an application in writing to the undertaking or insurance broker concerned, as the case may be, requesting it to strike his or its name off the said register. 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 or an enrolled insurance broker strikes the name of a person off its Ancillary 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 or the insurance broker shall also notify in writing the competent authority the reasons for so doing.

(3) On receiving a notification from an authorised undertaking or an enrolled insurance broker that such undertaking or insurance broker has elected to strike the name of a person off its Ancillary 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 or the enrolled insurance broker that the name of such person, in so far as it relates to that undertaking or insurance broker, shall be struck off the Ancillary Insurance Intermediaries List as from the date specified in the undertaking’s or insurance broker’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 Ancillary 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 Ancillary Insurance Intermediaries List on the grounds specified in sub-article (2), the competent authority shall give publicity to the striking of that name off the Ancillary Insurance Intermediaries List, and:

(a) if the name of that person is registered in the Ancillary Insurance Intermediaries Company Register of any other authorised undertaking, the competent authority shall also forthwith notify in writing that other undertaking and direct it to strike forthwith the name of that person off the Ancillary Insurance Intermediaries Company Register of that undertaking

(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 or an enrolled insurance broker receives in writing an application from a person registered in the Ancillary Insurance Intermediaries Company Register of the undertaking or insurance broker requesting such undertaking or insurance broker to strike the name of that person off the said register, the undertaking or the insurance broker 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 or an enrolled insurance broker under sub-article (6), the undertaking or the insurance broker, as the case may be, refuses, or unduly prolongs the process, to strike the name of a person off its Ancillary 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 or the insurance broker concerned those directives it deems necessary to oblige the undertaking or the insurance broker 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 or an enrolled insurance broker that the name of a person registered in the Ancillary Insurance Intermediaries Company Register of the undertaking or the insurance broker has been struck off the Ancillary Insurance Intermediaries List, the undertaking or the insurance broker concerned shall forthwith surrender to the competent authority the certificate of enrolment relating to that person, and any official copies thereof.