Section 114: Effect of revocation
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
114. Effect of revocation
(1) A person whose licence has been revoked shall not, unless otherwise
directed by the Commission, be allowed to underwrite new insurance polices
or renew any existing insurance policy, but shall continue to be subject to
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Insurance Act
this Act and the FSC Rules to the same extent as a licensee and shall continue
to discharge its obligations for so long as its liabilities remain unsatisfied.
(2) The Commission may direct the licensee whose licence has been revoked to take such measures as circumstances may warrant to ensure the
orderly winding up or the transfer of its business.
[S. 114 amended by s. 41 of Act 16 of 2007 w.e.f. 28 September 2007.]
PART XIII –SANCTIONS AND DUE PROCESS
115. —
[S. 115 repealed by s. 42 of Act 16 of 2007 w.e.f. 28 September 2007.]
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Questions this section answers
- Can an insurer whose licence was revoked still sell me a new policy?