Removals and registration of auditors

(1) An insurer or insurance intermediary shall immediately give notice to the Supervisor if– (a) the insurer or insurance intermediary proposes to give special notice to its shareholders of an ordinary resolution to remove an auditor before the expiration of his engagement; (b) the insurer or insurance intermediary gives notice to its shareholders of an ordinary resolution to replace an auditor at the expiration of his engagement with a different auditor; or (c) an auditor ceases to be an auditor of the insurer or insurance intermediary otherwise than as a consequence of a resolution referred to in paragraph (a) or (b). (2) An insurer that is an overseas company shall immediately give notice to the Supervisor if– (a) the insurer removes an auditor before the expiration of his engagement; (b) the insurer replaces an auditor at the expiration of his engagement with a different auditor; or (c) an auditor otherwise ceases to be an auditor of the insurer. (3) An auditor of an insurer or insurance intermediary appointed under section 49 shall immediately give written notice to the Supervisor if he91 (a) resigns the of his engagement; or (b) does not seek to be reappointed. (4) An insurer or insurance intermediary or auditor who fails to comply with this section commits an offence and shall be liable on summary conviction to a fine not exceeding one hundred thousand dollars.