INSURANCE COMPANIES (AMENDMENT)
(b) by inserting after subsection (4) the following-
Ord. No. 34/88
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"(5) Where an authorized insurer ceases to be authorized to carry on insurance business of any class, the Insurance Authority may direct that any matters recorded in respect of that insurer in relation to that class in the register kept under section 5 shall be erased.".
6. The principal Ordinance is amended by inserting after Part VIII Addition of the following--
Secrecy.
"PART VIIIA
SECRECY, DISCLOSURE OF INFORMATION AND EXAMINATIONS BY OUTSIDE AUTHORITIES
53A. (1) Except in the exercise of any function under this Ordinance or for the carrying into effect of the provisions of this Ordinance, every person who has been appointed under or who is or has been employed in carrying out or in assisting any person to carry out the provisions of this Ordinance-
(a) shall preserve and aid in preserving secrecy with regard to all matters relating to the affairs of any insurer that may come to his knowledge in the exercise of any function under this Ordinance;
(b) shall not communicate any such matter to any person other than the person to whom such matter relates; and
(c) shall not suffer or permit any person to have access to any records in his possession, custody or control or in the possession, custody or control of any other person so appointed or employed.
(2) No person who receives information, in whatever form, submitted under section 6, 7, 14, 17, 18, 19, 20, 32, 33, 34, 50, 52 or 61(1)(a) shall be required to produce to any court any document containing such information or to divulge or communicate to any court any matter or thing coming under his notice in the exercise of his functions under this Ordinance, except in the course of—
(a) a prosecution for any offence;
(b) the determination by the High Court of an applica-
tion under section 24; or
(c) a winding-up by the High Court under Part VI. (3) Subsection (1) shall not apply to the disclosure of information—
(a) in the form of a summary compiled from similar or related information provided by insurers if the summary is so compiled as to prevent particulars relating to the business of any such insurer being ascertained from it;
new Part VIIIA.