Surrender of licence

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A licensee may apply to the Authority to surrender its licence if it —

has ceased to carry on the business in respect of which the licence was granted and its liability has been extinguished to the satisfaction of the Authority; or

is being wound up voluntarily and produces evidence that it is solvent and able forthwith to repay all its creditors,

and the Authority may, where an application is made, approve the surrender and cancel the licence and publish the cancellation in the Gazette.

Insurance Law

5 Parts

s.28Surrender of licence— Insurance Law, 2010

Section 28Part 4 — POWERS AND DUTIES OF THE AUTHORITY

Surrender of licence

←→ Navigate · Click subsection badges to collapse · Press ? for help

A licensee may apply to the Authority to surrender its licence if it —

has ceased to carry on the business in respect of which the licence was granted and its liability has been extinguished to the satisfaction of the Authority; or

is being wound up voluntarily and produces evidence that it is solvent and able forthwith to repay all its creditors,

and the Authority may, where an application is made, approve the surrender and cancel the licence and publish the cancellation in the Gazette.