Regulation 32 Withdrawal of authorisation in respect of new business
The Chief Registrar may, at the request of an authorised society or on any of the grounds set out in paragraph (2) below, direct that the society shall cease to be authorised to enter into any new contracts of insurance, or into new contracts of any description specified in the direction; provided that a direction under this regulation shall not prevent a society from effecting a contract of insurance in pursuance of a term of a subsisting contract of insurance.
The grounds referred to in paragraph (1) above are–
that the society has failed in its obligations under the provisions of the 1923 Act, the 1974 Act or these Regulations;
that there exists a ground which would preclude the issue of an authorisation to the society under regulation 6;
that the society has failed to give effect within the time allowed to a restoration plan under regulation 30 or a short term financial scheme under regulation 31 above.
A direction under this regulation may not be revoked or varied, but, if the Chief Registrar subsequently issues to the society an authorisation to carry on long term business of a class to which the direction relates, the direction shall cease to have effect in relation to business of that class.