Grounds for cancellation or suspension of licence

(1) Subject to sub-section (2), the Supervisor may notify in writing a licensed association that he proposes to cancel its licence, giving his reasons for doing so and notifying the licensed association of its right under section 174, to request the Supervisor to refer his proposal for review by the Minister, if at any time the Supervisor– (a) is satisfied that such licensing was procured as a result of any misleading or representation or in consequence of any incorrect (whether such representation was made or information was supplied wilfully or otherwise); (b) is not satisfied that the insurance business of its members is being conducted in accordance with sound insurance principles; (c) is satisfied that the has contravened any of the provisions of this Act or of any Regulations made thereunder or any condition, direction or requirement imposed under this Act by the Minister or by the (ca) is satisfied that one or more of the members of the committee or governing body of the association is no longer fit and proper; or (d) is satisfied that the association has been guilty without reasonable cause of delay in the payment or settlement of any claim arising under any policy issued in Belize by it or on its behalf. 112 (2) Notwithstanding sub-section (1), the Supervisor may at anytime cancel the licensing under this Part of a licensed (a) if he is satisfied that the members of the association have not commenced business within one year of licensing or have ceased to carry on business within Belize; or (b) at the request of the association. (3) Subject to the Supervisor advising an association of underwriters of its right to Ministerial review under section 174, the Supervisor may nonetheless suspend the licence of an association of underwriters in respect of all or any of the classes of insurance business for which it is licensed, if– (a) he is satisfied that the association of underwriters is in breach of any provision of this Act where that breach would constitute a ground for cancellation as specified in sub- section (1); or (b) proceedings for its have commenced. refuse to license, etc.