Insurance intermediary default permits disciplinary action, including certificate suspension or cancellation, after an opportunity to make submissions.

Default by an Insurance Intermediary International Office may attract disciplinary action where the Authority considers that its operations breach applicable statutory, regulatory, circular, or guideline requirements, or are not in the interests of International Financial Services Centres. Suspension or cancellation of the certificate may be imposed only after the IIIO is given an opportunity to make submissions. Other appropriate action may also be taken under the Act.

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