Insurance Act, 2017 (Act No. 18 of 2017)Chapter 3 : Key Persons and Significant OwnersPart 4 : Key persons or significant owners not fit and proper19. Key person or significant owner not fit and proper or no longer fit and proper |
| (1) | The Prudential Authority may, if the Prudential Authority reasonably believes that a key person does not comply or no longer complies with the fit and proper requirements, in addition to any other action that the Prudential Authority may take under this Act, direct the insurer or controlling company to make arrangements to the satisfaction of the Prudential Authority to address the non-compliance, which arrangements may include— |
| (a) | providing additional education or training to that key person; |
| (b) | utilising external resources to support that key person; |
| (c) | outsourcing the functions and duties of that key person; or |
| (d) | suspending or removing a person from the appointment as a key person. |
| (2) | If an insurer fails to make arrangements contemplated in subsection (1) to address the non-compliance of a key person with the fit and proper requirements prescribed, the Prudential Authority, in addition to any other action that the Prudential Authority may take under this Act, may— |
| (a) | impose additional reporting requirements on the insurer or controlling company; or |
| (b) | vary the licensing conditions of the insurer or controlling company; or |
| (c) | suspend or withdraw the licence of the insurer or controlling company. |
| (3) | The Prudential Authority may, if the Prudential Authority reasonably believes that a significant owner does not meet or no longer meets the fit and proper requirements, in addition to any other action that the Prudential Authority may take, take any of the actions referred to in section 17(4). |