9. Section 12 of the Insurance Act is amended —
by deleting subsection (3) and substituting the following subsections:
“(3) Before cancelling the registration of an insurer under this section otherwise than at the request of the insurer, the Authority shall —
give the insurer notice in writing of its intention to do so; and
in the notice referred to in paragraph (a), call upon the insurer to show cause within such time as may be specified in the notice why his or its registration should not be cancelled.
(3A) If the insurer referred to in subsection (3) —
fails to show cause within the time given to him or it to do so or within such extended period of time as the Authority may allow; or
fails to show sufficient cause,
the Authority shall give notice in writing to the insurer of the date on which the cancellation of registration is to take effect.
(3B) Any insurer who is aggrieved by a decision of the Authority under subsection (1) to cancel his registration as an insurer otherwise than at his request may, within 30 days of the decision of the Authority, appeal to the Minister in writing in accordance with Part IIIB.”; and
by deleting subsections (5) and (6).