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srilawsby aturio
As enacted
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Part VIII · Registration of Brokers and Insurance Agents

84. Cancellation or suspension of a registration

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The Board may suspend or cancel a registration or refuse to renew a certificate issued to a broker, where—

(a)

the broker has under the law in force, been found or declared to be an undischarged bankrupt or insolvent ;

(b)

the broker persists in disobeying any instructions issued by the Board ;

(c)

(i)

a director or a specified officer of the broker ;

or

(ii)

a director or the chief executive officer of an associated or subsidiary company of such broker, is a director or shareholder or employee of an insurer ;

(d)

the broker has been found guilty of any offence under this Act or warned or cautioned in writing by the

Board on at least three separate occasions ; or

Regulation of Insurance Industry

(e)

any statement in any application, account, written information or document submitted to the Board by the broker was found to be false or misleading.

(2)

A broker who is aggrieved by the decision of the Board under subsection (1) may appeal therefrom to the Court of

Appeal and the provisions of section 19 of this Act shall apply in relation to such appeal.

Read on from s 85

Part IX

Offences

Read on from Part IX

Part X

General

Read on from Part X

Schedules