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“Application of Act to reinsurance.
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22A.—(1) Where the Minister considers it necessary to do so, in the public interest, in the interest of policy holders and in the interest of the orderly and proper regulation of the insurance industry, the Minister may by regulations provide for the application with such (if any) necessary modifications as are specified in the regulations, to the business of reinsuring business of a class to which the Insurance Acts apply of such provisions of those Acts as are so specified.
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(2) The Minister may, by regulations, make provision in relation to authorisations and, without prejudice to the generality of the foregoing, the regulations may—
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(a) prohibit the carrying on by the person of the business of reinsuring business other than under and in accordance with an authorisation,
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(b) provide for the grant of, and the refusal to grant, authorisations by the Minister,
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(c) provide for the attachment of conditions by the Minister to authorisations,
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(d) provide for the suspension or revocation of an authorisation by the Minister where the holder contravenes a provision of the Insurance Acts or a condition attached to the authorisation,
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(e) specify criteria which the Minister shall take into account (whether with such other criteria as the Minister may consider appropriate or otherwise, as the regulations may specify) before deciding to grant or refuse to grant or to suspend or revoke an authorisation,
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(f) specify the form and manner of applications for the grant of authorisations,
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(g) provide for the payment of fees to the Minister in respect of applications for and the grant of authorisations,
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(h) require the provision to the Minister, in respect of such applications as aforesaid of such information as he or she may reasonably require and for the refusal by the Minister to grant authorisations where such information is not provided to the Minister,
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(i) provide for the making of returns to the Minister in respect of such matters and at such times as may be specified,
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(j) provide for the notification by the Minister of the person concerned of a proposal to refuse to grant or to suspend or revoke an authorisation and for the making of submissions to, and their consideration by, the Minister before deciding whether to give effect to the proposal, and
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(k) provide for appeals to the High Courtagainst refusals by the Minister to grant authorisations or against revocations or suspensions by the Minister of authorisations.
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(3) Regulations under this section shall not apply to a person in so far as he or she carries on the business of reinsuring business by virtue of section 22(1)(a).
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(4) Regulations under this section may contain such incidental, supplementary and consequential provisions as the Minister considers appropriate.
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(5) A person who contravenes a regulation under this section or a condition attached to an authorisation shall be guilty of an offence.
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(6) In this section, ‘authorisation’ means adocument in writing in such form as the Minister may determine granted by the Minister to a person and authorising the carrying on by the person of the business of reinsuring business of a class specified in the authorisation.”.
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