23. Section 31 of the Insurance Act is amended —
by inserting, immediately after subsection (3), the following subsection:
“(3A) Where a registered insurer has obtained the approval of the Authority to appoint a person as its principal officer, director or actuary under subsection (1) or (2), as the case may be, the person may be re-appointed as principal officer, director or actuary, as the case may be, of the registered insurer, immediately upon the expiry of the earlier term, without the approval of the Authority.”; and
by inserting, immediately after the words “his functions” in subsection (4), the words “or is no longer a fit and proper person to be so appointed”.