MGA registration suspension and cancellation may follow legal, financial, disclosure, and conduct breaches under the regulations. The Competent Authority may, after notice and a reasonable opportunity of hearing, suspend or cancel the certificate of registration of an MGA for breach of applicable laws, regulatory directions, disclosure obligations, conduct requirements, financial requirements, registration conditions, commencement timelines, or other regulatory instructions. Action may also be taken where inspection or investigation shows that the MGA's operations are not in accordance with applicable laws or are not in the interests of the insurance ecosystem in the International Financial Services Centres.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
MGA registration suspension and cancellation may follow legal, financial, disclosure, and conduct breaches under the regulations.
The Competent Authority may, after notice and a reasonable opportunity of hearing, suspend or cancel the certificate of registration of an MGA for breach of applicable laws, regulatory directions, disclosure obligations, conduct requirements, financial requirements, registration conditions, commencement timelines, or other regulatory instructions. Action may also be taken where inspection or investigation shows that the MGA's operations are not in accordance with applicable laws or are not in the interests of the insurance ecosystem in the International Financial Services Centres.
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