(1) The Registrar may cancel the registration of a company registered under this Act—
(a) if he or she is satisfied that the company has ceased to carry on insurance business in Saint Lucia for more than one year;
(b) if he or she is satisfied that the company has not commenced business in Saint Lucia within 2 years of registration;
(c) at the request of the company or its liquidator or trustee;
(d) if he or she is satisfied that the company obtained registration as a result of any misleading or false representation or in consequence of any incorrect information;
(e) if the company is insolvent within the meaning of section 34;
(f) if he or she is satisfied that there is unreasonable delay in the settlement of claims payable under policies issued by it;
(g) if one month has elapsed since the date before which the company was required under this Act to furnish information to the Registrar and the company has, without reasonable excuse, failed to furnish the information or failed to do so in the manner specified in this Act; or
(h) if any of the reinsurance arrangements of the company is not satisfactory.
(2) Before exercising the power of cancellation under subsection (1) the Registrar shall notify the company of such intended cancellation giving reasons therefor and the company shall have the right to be heard within any period stipulated by the Registrar in the notice.
(3) The Registrar shall, when the registration of a company is cancelled—
(a) give notice of cancellation to the company; and
(b) require the company to deliver its certificate of registration to him or her within 28 days of the cancellation or such shorter period as may be specified in the notice.