Section 16
of International Insurance and Takaful Order, 2002
ORDERIn forceProvision 16 of 73
Section 16
(1)
A licensee may surrender his licence by forwarding it to the Authority with a written notice of its surrender.
(2)
The surrender of a licence under subsection (1) shall take effect on the date the
Authority receives the licence.
(3)
The Authority shall, as soon as practicable, publish in the Gazette a notice of every surrender of a licence under this section, but any delay in publishing such a notice or any failure to publish such a notice shall not in any way affect the validity of such surrender.
Consequences of surrender or revocation of licence.