(1) The Registrar may cancel the registration of an association of underwriters—
(a) if he or she is not satisfied that the insurance business of its members is being conducted in accordance with sound insurance principles;
(b) if the association has failed to comply with any requirement imposed upon it in accordance with this Part;
(c) if he or she is satisfied that the members of the association have not commenced business within one year of registration or have ceased to carry on business within Saint Lucia; or
(d) at the request of the association.
(2) Where the Registrar cancels the registration of an association, he or she shall state in writing his or her reasons for doing so.