Section 97: Suspension of licence

97. Suspension of licence (1) Without prejudice to the powers of the Chief Executive under the Financial Services Act, where, at any time, it appears to the Chief Executive that— (a) he has grounds under section 96 to carry out an investigation into the business of a licensee; or (b) there are grounds under section 112 for the revocation of a licence or under section 106 for the appointment of a conservator, he may, by notice in writing, suspend wholly or in part, the licence of a licensee. [Issue 1] I15 – 64 Revised Laws of Mauritius (2) The Chief Executive shall not suspend a licence under subsection (1) unless he has given prior notice to the licensee of his intention and his reasons to do so, and has afforded the licensee reasonable opportunity to make representations on the matter. (3) Subsection (2) shall not apply where the Chief Executive considers that delay in suspending the licence would not be in the interest of policy holders or of the public, provided that the licensee is given the opportunity to make representations as soon as practicable. (4) Where a licence is suspended under subsection (1), the licensee shall— (a) not carry out the business or the part of the business in relation to which the suspension relates; (b) continue to be subject to any provision of this Act or any rule made under this Act as if the licence had not been suspended. (5) A suspension under subsection (1) shall have effect as a suspension of the licence of any insurance agent of the insurer and of the registration of any of its insurance salespersons in relation to the whole of the insurer’s business or to the part of the insurer’s business in respect of which the licence has been suspended, as may be applicable. (6) The Commission shall give public notice of any decision to suspend a licence under subsection (1). [S. 97 amended by s. 31 of Act 16 of 2007 w.e.f. 28 September 2007.]