Section 112: Revocation of licence

112. Revocation of licence (1) Where it appears to the Chief Executive that— (a) the licensee has ceased the business for which it was licensed; (b) the licensee has failed to commence business within 6 months from the date on which it was licensed; I15 – 70 (1) [Issue 7] Insurance Act (c) there exists a ground which, under any provision of this Act and FSC Rules would have prevented the licensee from being licensed; (d) the licensee has failed to satisfy an obligation to which it is subject by virtue of this Act and FSC Rules; (e) the licensee is unable to meet its financial obligation or the solvency margin; (f) the business of the license is not being carried on in accordance with sound insurance principles; continued on page I15 – 71 [Issue 7] I15 – 70 (2) Revised Laws of Mauritius (g) the licensee is contravening or has contravened any of the provisions of this Act or any FSC Rules or any conditions imposed on its licence or any directions given by the Commission under this Act, regardless that there has been no conviction for an offence in respect of such contravention; (h) the licensee or any of its officers responsible for its management has furnished false or misleading information or has concealed, or failed to disclose material facts in its application for a licence or in any returns filed under this Act or FSC Rules; (i) the licensee or any of its directors or officers responsible for its management has been convicted of an offence under this Act or an offence relating to a financial crime under any other enactment whether in Mauritius or elsewhere; (j) the licensee proposes to make or has made a composition or arrangement with its creditors or goes into receivership or liquidation, is wound up or is dissolved; or (k) an insurer, being a foreign company, has ceased to be authorised to issue insurance policies, or contracts of a particular description, in the country where it has its head office, the Chief Executive shall forthwith refer the matter to the Enforcement Committee to determine whether the license should be revoked. (2) For the purpose of making a determination under subsection (1), the Enforcement Committee shall follow the procedures set out under section 53 of the Financial Services Act. (3) Where a licence is revoked, the Chief Executive may give— (a) public notice of the revocation; (b) such directions to ensure that the interests of policy holders and the public are preserved. (4) Where a licence is not revoked, the Enforcement Committee may recommend such restrictions on the licence as it deems appropriate in the circumstances. [S. 112 amended by s. 39 of Act 16 of 2007 w.e.f. 28 September 2007.]