Cancellation of registration
20.—(1)  The Authority may by order, at the request of the insurance broker or on any grounds specified under subsection (2), cancel the registration of any insurance broker.
(2)  The grounds referred to in subsection (1) are —
(a)that the insurance broker has not commenced business within 6 months after being registered;
(b)that the insurance broker has ceased to carry on business for which he is registered;
(c)that it appears to the Authority that the insurance broker has failed to satisfy any obligation to which it is subject by virtue of this Act;
(d)that there exists a ground on which the Authority would be prohibited by section 17 from registering the insurance broker;
(e)that the insurance broker proposes to make, or has made, any composition or arrangement with its creditors or has gone into liquidation or has been wound up or otherwise dissolved;
(f)that the insurance broker is carrying on its business in a manner likely to be detrimental to the interests of policy owners for whom it is acting as an agent;
(g)that the insurance broker is unable to meet its obligations;
(h)that the insurance broker has contravened any provision of this Act or any regulations made thereunder or any condition imposed or any direction given by the Authority under this Act;
(i)that any of the officers of the insurance broker holding a managerial or executive position has been convicted of any offence under this Act;
(j)that the insurance broker has furnished false, misleading or inaccurate information, or has concealed or failed to disclose material facts in its application for registration; or
(k)that it is in the public interest to cancel the registration.
(3)  The Authority shall, before cancelling the registration of an insurance broker under this section otherwise than at the request of the insurance broker, cause to be given to the insurance broker notice in writing of its intention to do so, specifying a date, not less than 14 days after the date of the notice, upon which the cancellation will take effect and calling upon the insurance broker to show cause to the Authority why the registration should not be cancelled.
(4)  Notwithstanding the fact that the registration of an insurance broker has been cancelled under this section, so long as the insurance broker remains under any liability to an insurer, insured or intending insured, the insurance broker shall take such action as it considers necessary or as may be required by the Authority to ensure that reasonable provision has been or will be made for that liability.
(5)  When the Authority has cancelled a registration under this section, the Authority shall forthwith inform the insurance broker of the cancellation.
(6)  An order of cancellation made by the Authority shall not take effect until the expiration of a period of 14 days after the Authority has informed the insurance broker of the order.
(7)  If the registration of a person as an insurance broker has been cancelled or has expired, sections 21 and 28 shall, unless the Authority otherwise directs, continue to apply in relation to the person or his estate in respect of matters that occurred before the cancellation or expiration as if his registration had not been cancelled or had not expired, as the case may be.
(8)  Where an order of cancellation becomes effective, notice of the cancellation shall be published in the Gazette.