Section 75, The Insurance Act, 2000

(1) The Commissioner— [Margin: Cancellation of registration.] (a) may cancel or suspend the registration of any insurance intermediary on any ground on which it could have refused to grant the application for registration; and 44 No. 5 Insurance Act 2000 (b) shall cancel the registration of any broker or adjuster who fails to satisfy the paid-up capital and security deposit requirement under subsection (3) of section 74. (2) Before cancelling or suspending any registration the Commissioner shall give notice in writing to the insurance intermediary concerned setting out the grounds for the proposed cancellation or suspension and shall afford the insurance intermediary an opportunity to be heard by the Commission. (3) Upon cancellation of registration, the relevant certificate of registration shall be surrendered by the holder to the Commission.