Prohibition to licence holder to write new businesses

(1) The Supervisor may prohibit a licensed association from writing new business in any class of insurance business if he is satisfied that it is in the interests of the policyholders or prospective policyholders to do so. (2) The Supervisor shall notify the licensed association in writing of a decision taken under sub-section (1) and shall state the reasons for his decision. (3) The Supervisor shall notify the association of its right, under section 174, to request the Supervisor to refer his decision for review by the Minister. license, etc.