Requirements of insurer on intervention

(1) In exercising his power of intervention, the Supervisor may require the company by instrument in writing to perform any or all of the following– (a) to refrain, from the date specified in the instrument– (i) from effecting any of insurance either generally or with respect to a specified class whether or not the effecting of the contract falls within a class of insurance business which the company is authorised to carry on; (ii) from varying any existing contracts; (b) to limit to a specified amount the aggregate amount of premiums to be written by the company whether the aggregate relates to premiums to be received by the company or to the aggregate after deducting any premiums payable by the company for reinsuring the liabilities in consideration of which premiums are to be received; (c) to refrain from making investments of a specified class or description; (d) to realise, before the expiration of the period specified in the instrument, the whole or a specified portion of investments of a specified class or description held by the company; 96 (e) to prepare and submit at earlier dates and with greater frequency, the documents required to be prepared and furnished under section 40; (f) to have an actuary, an auditor or any other person appointed by the Supervisor to investigate at the expense of the company the financial position of the company in respect of its insurance business or any part thereof, and to submit to the Supervisor a report of the investigation on or before a specified date; (g) to take such action as appears to the Supervisor to be necessary for the purpose of protecting policyholders or potential policyholders of the company against the risk that the company is or is likely to be unable to meet its liabilities or, in the case of an insurance company carrying on long-term insurance business, to fulfil the reasonable expectations of policyholders or potential policyholders; or (h) to take such action as appears to him necessary for the proper administration of the Act including the suspension of the insurance company’s licence pending an investigation into the company’s affairs and operations. (2) The Supervisor may request any company within five years of its licensing under this Act, to comply with any or all of the requirements of sub-section (1) whether or not the power to intervene is exercisable under section 53(2). (3) The Supervisor may, where he considers it desirable so to do rescind or vary any requirements imposed by him on a company pursuant to sub-section (1). 97 (4) Notice of the imposition of a requirement or the rescission or variation thereof may be published in the Gazette and in a newspaper circulating in Belize.