(1) The Registrar may, by instrument in writing, notify a person who is registered under this Part that he or she proposes to cancel the registration of the person in respect of all or any of the classes of insurance business he or she was registered to carry on.
(2) The power of cancellation conferred on the Registrar under subsection (1) shall be exercisable where he or she is satisfied—
(a) that registration was granted as a result of any misleading or false representation;
(b) that the person has become an undischarged bankrupt;
(c) in the case of a person who is registered to carry on business as an insurance agent, an insurance salesman, or an insurance broker that the person is not carrying on such business in accordance with sound insurance principles and practice;
(d) that the person has demonstrated that he or she cannot carry on efficiently the class of insurance business which he or she is registered to carry on, or in the case of a body, whether corporate or otherwise that all the persons managing the body or the partners thereof have demonstrated that they cannot carry on efficiently the class of insurance business which they are registered to carry on;
(e) that the person has repeatedly and unreasonably delayed transmitting moneys received for the account of an insurer or a client to the person entitled thereto;
(f) that one month has elapsed since the date by which such person was required under this Act to furnish information or balance sheets and profit and loss accounts to the Registrar and the person has without reasonable excuse failed to do so; or
(g) that the person has pursued a fraudulent or dishonest practice or any other practice which is generally regarded in the insurance business as being undesirable;
(3) The Registrar shall, on notifying a person that he or she proposes to cancel his or her registration, inform him or her of the reason for taking the action contemplated by him or her.
(4) A person who is aggrieved by the decision of the Registrar to refuse to register him or her or to cancel his or her registration as an insurance agent, insurance broker or insurance salesman may within 15 days of the decision, appeal to the tribunal established under section 170.
(5) The Registrar shall cancel the registration of a person—
(a) where the person fails to exercise his or her right of appeal within the time specified in subsection (1) of this section; or
(b) where on an appeal the decision of the Registrar to cancel the registration is upheld.
(6) Where the Registrar suspends or cancels the registration of a person registered under this Part the person shall surrender to the Registrar his or her Certificate and every copy thereof.
(7) A person who has had his or her registration cancelled under subsection (2)(f) may apply to the Registrar for reinstatement of his or her registration and the Registrar may reinstate his or her registration if he or she is satisfied that such person has complied with the requirements of this Act.
(8) Sections 62(1) and 62(2) shall apply to reinstatement of registration as they do to registration.
(9) A person who fails to comply with subsection (6) commits an offence and is liable on summary conviction to a fine of $500 and to a further fine of $50 for each day on which the offence continues after conviction thereof.