Cancellation or suspension of, or imposition of conditions on, certificate of registration

(1) A certificate of registration may be cancelled or suspended or be made subject to conditions by the Supervisor at any time and for such period as the Supervisor deems fit, where there has been any change in the circumstances of the registered insurer (including any change in share-holding, management, or beneficial ownership) which would have caused the Supervisor to have refused an application for registration if such changed circumstances had been part of the original application or where the registered insurer– (a) fails to furnish any document, information or evidence which he has been required to furnish; (b) fails to notify the Supervisor of any material changes which have taken place, as required by section 12; (c) has a winding-up order made against it; (d) fails to comply with any term or condition subject to which the certificate of registration was issued; (e) is in breach of any duty or obligation imposed upon it by this Act or commits an offence under this Act; (f) ceases to transact international insurance business from within Belize for a period of one 19 year and requests that the certificate of registration be cancelled; or (g) conducts its affairs in a manner which is or might be prejudicial to the interests of present or potential policy holders and the general public. (2) Where the Supervisor intends to suspend or cancel a certificate of registration or impose conditions on such certificate as provided in sub-section (1), he shall give the registered insurer written notice of his intention and a period of six weeks to show cause why the certificate should not be suspended or cancelled or be subjected to conditions. (3) Where the Supervisor has given written notice to the registered insurer of his intention to suspend or cancel a certificate of registration or impose conditions on such certificate under sub-section (2), the Supervisor, after considering any submissions and evidence tendered by the registered insurer, may– (a) suspend or cancel, or impose conditions on, the certificate of registration; (b) alter his intention by suspending instead of cancelling the certificate of registration; or (c) not proceed with his intention to suspend or cancel, or impose conditions on, the certificate and he shall give written notice to the registered insurer of his decision and such decision shall take effect from such date as is specified by the Super-visor in the notice. (4) Where the Supervisor gives notice to the registered insurer of his decision to suspend or cancel a certificate of registration or impose conditions on such certificate under sub- 20 section (3) of this section, the registered insurer shall return the certificate of registration to the Supervisor forthwith.