20.—(1) The administrator shall immediately notify the Authority —
(a)
if any Service Company ceases to enter into contracts of insurance in Singapore on behalf of any member of Lloyd’s;
(b)
if the managing agent that is related to a Service Company in a manner described in regulation 5(b) ceases to be permitted by Lloyd’s to act as a managing agent of Lloyd’s;
[S 665/2010 wef 04/11/2010]
(c)
if any member of Lloyd’s carrying on insurance business in Singapore under these Regulations —
(i)
ceases to enter into contracts of insurance through any Service Company; or
(ii)
where the member of Lloyd’s carrying on insurance business in Singapore under these Regulations enters into contracts of insurance through a managing agent that is related to any Service Company in a manner described in regulation 5(b), ceases to enter into contracts of insurance through the managing agent;
[S 665/2010 wef 04/11/2010]
(d)
if any member of Lloyd’s carrying on insurance business in Singapore under these Regulations ceases to do so for any reason; or
(e)
if any of the following is the subject of any disciplinary action by Lloyd’s, or is under an inquiry in accordance with the Lloyd’s Inquiries and Investigations Byelaw as directed by or under the authority of the Council of Lloyd’s, that may result in disciplinary action to expel or suspend the person being taken against the person:
(i)
a member of Lloyd’s carrying on insurance business in Singapore under these Regulations;
(ii)
a Service Company; or
(iii)
a managing agent at Lloyd’s in relation to which a Service Company is acting as agent in Singapore.
(2) The administrator shall give not less than 6 months notice in writing to the Authority if it intends to cease to act as administrator under these Regulations.