MERCHANT SHIPPING (LOCAL VESSELS) (COMPULSORY THIRD PARTY RISKS INSURANCE) REGULATION
24 of 2005; L.N. 195 of 2006; L.N. 282 of 2006
Suspension or revocation of approval
(1) The Director may suspend or revoke the approval granted under section 5(1) of an approved insurer if he reasonably suspects that the approved insurer has failed to comply withˇX
(a) any condition subject to which the approval has been granted; or
(b) any provision of this Regulation or the Ordinance.
(2) The Director shall not, unless it appears to him that the interests of policy holders would otherwise be detrimentally affected, suspend or revoke the approval of an approved insurer without giving the approved insurer an opportunity to make representations (either orally or in writing or both) as to why the approval should not be suspended or revoked.
(3) If the Director suspends or revokes the approval of an approved insurer, he shall, by registered post addressed to the last known address of the approved insurer, give written notice of the suspension or revocation to the approved insurer and shall include in the notice a statement setting out the reasons for the suspension or revocation.
(4) If the Director suspends or revokes the approval of an approved insurer, he shall give written notice of the suspension or revocation to the Insurance Authority as soon as practicable thereafter.
(5) The suspension or revocation of the approval of an approved insurer shall take effect on the date of receipt by the approved insurer of the notice given under subsection (3) or on such later date, if any, as is specified in the notice.
(6) Subject to section 17, the suspension or revocation of the approval of an approved insurerˇX
(a) shall not affect the validity of any policy of insurance or certificate of insurance issued by the approved insurer and which is still in force at the time the suspension or revocation takes effect under subsection (5); and
(b) shall not affect the rights, liabilities or obligations of the approved insurer under sections 6, 10, 11, 12 and 16 and sections 23D, 23E, 23F, 23G, 23H and 23I of the Ordinance.
(7) The Director may rescind a suspension if it appears to him that it is no longer necessary for the suspension to continue.