7.—(1) The Authority may, at the request of the approved MAT insurer or on any of the grounds set out in paragraph (2), withdraw the approval of any MAT insurer.
(2) The grounds referred to in paragraph (1) are —
(a)
that the insurer has not commenced the business of providing MAT insurance, as principal and as an insurer, to persons in Singapore within 12 months after being approved;
(b)
that the insurer has ceased to carry on the business of providing MAT insurance to persons in Singapore;
(c)
that, it appears to the Authority, the insurer has failed to satisfy an obligation to which it is subject by virtue of the Act or these Regulations;
(d)
that the insurer —
(i)
proposes to make, or has made, any composition or arrangement with its creditors;
(ii)
has gone into liquidation; or
(iii)
has been wound up or otherwise dissolved;
(e)
that there is a change of the person having control of the insurer and —
(i)
the new person having control of the insurer is not a fit and proper person; or
(ii)
the Authority is not satisfied as to the financial standing of the insurer after the change;
(f)
that a receiver, receiver and manager, judicial manager, or such other person having the powers and duties of a receiver, receiver and manager or judicial manager, has been appointed, whether in Singapore or elsewhere, in relation to, or in respect of any property of, the insurer or any of its shareholders having control of the insurer;
(g)
that the insurer is carrying on its business in a manner likely to be detrimental to the interests of its policy owners;
(h)
that the insurer is unable to meet its obligations, whether in Singapore or elsewhere;
(i)
that the insurer has contravened any provision of the Act or these Regulations or any condition imposed or any direction given by the Authority under the Act or these Regulations;
(j)
that any of the officers of the insurer holding a managerial or executive position has been convicted of any offence under the Act or these Regulations;
(k)
that the insurer has furnished false, misleading or inaccurate information, or has concealed or failed to disclose material facts in its application for approval; or
(l)
that it is in the public interest to withdraw the approval.
(3) Before withdrawing the approval of an MAT insurer under this regulation otherwise than at the request of the insurer, the Authority shall —
(a)
give the insurer notice in writing of its intention to do so; and
(b)
in the notice referred to in sub-paragraph (a), call upon the insurer to show cause within such time as may be specified in the notice as to why its approval should not be withdrawn.
(4) If the insurer referred to in paragraph (3) —
(a)
fails to show cause within the time specified in the notice under paragraph (3) or within such extended period of time as the Authority may allow; or
(b)
fails to show sufficient cause,
the Authority shall give notice in writing to the insurer of the date on which the withdrawal of approval is to take effect.
(5) Any insurer which is aggrieved by a decision of the Authority under paragraph (1) to withdraw its approval otherwise than at its request may, within 30 days of the decision of the Authority, appeal to the Minister in writing in accordance with Part IIIB of the Act.
(6) Notwithstanding the withdrawal of the approval of an insurer under this regulation, so long as the insurer remains under any liability in respect of insurance policies belonging to the class of insurance business to which the approval relates, the insurer 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 and that adequate arrangements exist or will exist for payment of premiums and claims on those policies.