CAP. 41]
Insurance Companies
[1988 Ed.
contracts written or renewed in that financial year before deducting commissions of agents or brokers but after deducting any discounts specified in policies or refunds of premiums made in respect of any termination or reduction of risks.
Appeal against refusal of authorization under section 8(2)
11. (1) Where the Insurance Authority refuses to authorize a company under section 8 on the ground (or, if more than one, on grounds which include the ground) that any person as mentioned in subsection (2) of that section is not a fit and proper person to hold the position held by him, the Insurance Authority shall notify the company in writing of that fact and the name of the person whose fitness is in question.
(2) Where notice of a refusal is given to a company under subsection (1), a copy thereof shall at the same time be sent by registered post to the person whose fitness is in question; and if the company or that person is aggrieved by such refusal the company or that person may, within 1 month from the date of the notice, appeal in writing against such refusal so far as it is based on section 8(2) to the Financial Secretary, who shall review the Insurance Authority's reasons for such refusal and whose decision shall be final; but his decision shall not affect such refusal so far as it is based on any additional ground under section 8(1)(b). (Amended 41 of 1987 s. 3)
(3) Where the Insurance Authority refuses to authorize a company under section 8(1)(b)(ii), the Insurance Authority shall notify the company in writing of that refusal. (Added 41 of 1987 s. 3)
(4) Where notice of a refusal is given to a company under subsection (3) and the company is aggrieved by such refusal, it may, within 1 month from the date of the notice, appeal in writing against such refusal to the Financial Secretary, who shall review the Insurance Authority's reasons for such refusal and whose decision shall be final; but his decision shall not affect any refusal under section 8(1)(b)(i). (Added 41 of 1987 s. 3)
Conditions imposed under section 8 may be revoked
12. (1) Where any authorization is granted subject to conditions imposed under section 8(1)(a), the Insurance Authority may revoke any such conditions by notice in writing given to the insurer concerned.
(2) Any condition referred to in subsection (1) which was in effect immediately before the commencement of the Insurance Companies (Amendment) Ordinance 1988 (34 of 1988) shall continue to have effect until it is revoked under that subsection.
(3) Where any condition referred to in subsection (1) is revoked under that subsection, the Insurance Authority may direct that any matters recorded in respect of that condition in the register kept under section 5 shall be erased.
(Replaced 34 of 1988 s. 3)
Fee payable upon authorization and annually thereafter
L.N. 188 of 1989
13. (1) A fee of $45,000 shall be paid to the Insurance Authority by every authorized insurer.
(Amended L.N. 91/85)