Insurance Act, 2017 (Act No. 18 of 2017)Chapter 4 : Licensing, Suspension and Withdrawal of Licence27. Suspension of licence |
| (1) | The Prudential Authority may suspend a licence of an insurer or controlling company in full or in part, if it appears to the Prudential Authority, on the basis of available information, that the insurer or controlling company— |
| (a) | no longer meets a licence condition under which it is licensed; |
| (b) | failed to comply with any other condition imposed under this Act or the Financial Sector Regulation Act; |
| (c) | contravened or failed to comply with a provision of this Act or the Financial Sector Regulation Act; |
| (d) | failed to comply with any court order, notice, directive, undertaking, request, determination, decision or exemption given under this Act or the Financial Sector Regulation Act; |
| (e) | failed to make arrangements to the satisfaction of the Prudential Authority to address the non-compliance of a key person with the fit and proper requirements prescribed, or a responsibility, function or requirement imposed on that person under this Act; |
| (f) | failed to give effect to a decision of the Financial Services Tribunal established under the Financial Sector Regulation Act; |
| (g) | if it were then to apply for licensing under section 23, would not be able to meet the requirements referred to in that section; or |
| (h) | failed to pay levies or fees payable in respect of the licence within 60 days after they became payable. |
| (2) | The Prudential Authority may, at any time, in addition to subsection (1), suspend the licence of a branch of a foreign reinsurer, Lloyd’s underwriter or Lloyd’s in full or in part, if it appears to the Prudential Authority, on the basis of available information, that the circumstances referred to in section 48 justify the suspension. |
| (3) |
| (a) | The Prudential Authority may suspend a licence of an insurer or controlling company under subsection (1) or (2), subject to any condition necessary to achieve the objective of this Act that the Prudential Authority may determine. |
| (b) | The Prudential Authority may revoke any suspension under subsection (1) or (2), if satisfied that the insurer or controlling company has complied with all the conditions to which the suspension was made subject. |
| (4) |
| (a) | The Prudential Authority must publish a notice of any suspension, the reasons therefor, and any terms attached thereto on the official website and in any other media that the Prudential Authority deems appropriate. |
| (b) | The suspension of a licence of an insurer or controlling company takes effect on the date specified in the notice referred to in paragraph (a). |
| (5) |
| (a) | The Prudential Authority must publish a notice of any revocation of a suspension and the reasons therefor on the official website and in the same media that the suspension notice was published under subsection (4)(a). |
| (b) | The revocation of a suspension of a licence of an insurer or controlling company takes effect on the date specified in the notice referred to in paragraph (a). |