—(1) The Authority may by order, at the request of the insurance broker or on any ground specified under subsection (2), cancel the registration of any insurance broker.
(2) The grounds referred to in subsection (1) are —
that the insurance broker has not commenced business within 6 months after being registered;
that the insurance broker has ceased to carry on the business for which it is registered;
that, it appears to the Authority, the insurance broker has failed to satisfy any obligation to which it is subject by virtue of this Act;
that there exists a ground on which the Authority would be prohibited by section 35Y from registering the insurance broker;
that the insurance broker —
proposes to make, or has made, any composition or arrangement with its creditors;
has gone into liquidation; or
has been wound up or dissolved;
that the insurance broker is carrying on its business in a manner likely to be detrimental to the interests of policy owners for whom it is acting as an agent;
that the insurance broker is unable to meet its obligations;
that the insurance broker has contravened any provision of this Act or any condition imposed or any direction given by the Authority under this Act;
that any of the officers of the insurance broker holding a managerial or executive position has been convicted of any offence under this Act;
that the insurance broker has furnished false, misleading or inaccurate information, or has concealed or failed to disclose material facts, in its application for registration; and
that it is in the public interest to cancel the registration.
(3) Before cancelling the registration of an insurance broker under this section otherwise than at its request, the Authority shall —
give the insurance broker notice in writing of its intention to do so; and
in the notice referred to in paragraph (a), call upon the insurance broker to show cause within such time as may be specified in the notice why its registration should not be cancelled.
(4) If the insurance broker to whom notice has been given under subsection (3) —
fails to show cause within the time given to 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 insurance broker of the date on which the cancellation of registration is to take effect.
(5) Any insurance broker which is aggrieved by a decision of the Authority under subsection (1) to cancel its registration as an insurance broker otherwise than at its request may, within 30 days of the decision of the Authority, appeal to the Minister in writing in accordance with Part IIIB.
(6) Notwithstanding the fact that the registration of an insurance broker has been cancelled under this section, so long as the insurance broker remains under any liability to an insurer, insured or intending insured, the insurance broker shall take such action as it considers necessary or as may be required by the Authority to ensure that reasonable provision has been or will be made for that liability.
(7) If the registration of a person as an insurance broker has been cancelled or has expired, sections 35ZC and 36 shall, unless the Authority otherwise directs, continue to apply in relation to the person in respect of matters that occurred before the cancellation or expiration as if its registration had not been cancelled or had not expired, as the case may be.