Sri Lanka Consolidated Acts

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Regulation Of Insurance Industry Act (No. 43 of 2000) - Sect 84

Cancellation or suspension of a registration

84.
(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;
(ii) a director or the chief executive officer of an associated or subsidiary company of such broker.
(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
(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.

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