On 21/05/2013,
you requested for the version in force on 21/05/2013
incorporating all amendments published on or before 21/05/2013.
The closest version currently available is that of 03/12/2001.
17. Section 31 of the Insurance Act is amended by deleting subsection (4) and substituting the following subsections:
“(4) If at any time it appears to the Authority that a principal officer, director or an actuary of a registered insurer has failed to perform his functions, the Authority may, in writing, direct the registered insurer to remove the principal officer, director or actuary, as the case may be.
(4A) For the purpose of determining whether to grant its approval under subsection (1) or whether the principal officer, director or actuary has failed to perform his functions under subsection (4), the Authority shall, without prejudice to any other matter it may consider relevant, have regard to such criteria as may be prescribed.
(4B) Before directing the registered insurer to remove its principal officer, director or actuary under subsection (4), the Authority shall —
(a)
give the insurer notice in writing of its intention to do so; and
(b)
in the notice referred to in paragraph (a), call upon the registered insurer to show cause within such time as may be specified in the notice why the principal officer, director or actuary, as the case may be, should not be removed.
(4C) If the registered insurer referred to in subsection (4B) —
(a)
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
(b)
fails to show sufficient cause,
the Authority shall give notice in writing to the insurer of the date on which the direction to remove the principal officer, director or actuary, as the case may be, is to take effect.
(4D) Any person who is aggrieved by a decision of the Authority under subsection (1), (3) or (4) may, within 30 days of the decision of the Authority, appeal to the Minister in writing in accordance with Part IIIB.
(4E) Any registered insurer who fails to comply with any direction of the Authority under subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000.
(4F) Nothing in section 152 of the Companies Act (Cap. 50) shall prevent the Authority from exercising any power under subsection (4).”.