Insurance Act, 1989
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Revocation of authorisation. |
39.—(1) Where a person who is the holder of an authorisation in respect of non-life insurance is convicted of an offence under section 37 or 38 and, either, the person does not appeal against the conviction or the conviction is affirmed on appeal, the conviction shall be a ground for the revocation by the Minister of the authorisation and, accordingly, the Minister may revoke the said authorisation in accordance with the provisions of Article 23 of the Regulations of 1976, as if— | |
(a) the following paragraph were inserted in sub-article (1) of the said Article 23 after paragraph (a): | ||
“(aa) was convicted of an offence under section 37 or 38 of the Insurance Act, 1989, and, either, the holder did not appeal against the conviction or the conviction was affirmed on appeal”, | ||
and | ||
(b) the following were inserted after “revoked” in sub-article (3) (a) of the said Article 23: | ||
“if the undertaking was convicted of an offence under section 37 or 38 of the Insurance Act, 1989, and, either, the holder did not appeal against the conviction or the conviction was affirmed on appeal, or”. | ||
(2) Where a person who is the holder of an authorisation in respect of life assurance is convicted of an offence under section 37 or 38 and, either, the person does not appeal against the conviction or the conviction is affirmed on appeal, the conviction shall be a ground for the revocation by the Minister of the authorisation and, accordingly, the Minister may revoke the said authorisation in accordance with the provisions of Article 25 of the Regulations of 1984, as if— | ||
(a) the following paragraph were inserted in sub-article (1) of the said Article 25 after paragraph (a): | ||
“(aa) was convicted of an offence under section 37 or 38 of the Insurance Act, 1989, and, either, the holder did not appeal against the conviction or the conviction was affirmed on appeal”, | ||
and | ||
(b) the following were inserted after “revoked” in sub-article (3) (a) of the said Article 25: | ||
“if the undertaking was convicted of an offence under section 37 or 38 of the Insurance Act, 1989, and, either, the holder did not appeal against the conviction or the conviction was affirmed on appeal, or”. | ||
(3) The revocation or suspension of an authorisation under this section shall be subject to the procedures provided for in section 58 . |