Section 32
of International Insurance and Takaful Order, 2002
ORDERIn forceProvision 32 of 73
Section 32
(1)
Wherever, after a licence has been granted, a material change occurs in the particulars which were contained or supplied in either case pursuant to section 6, 8, 9 or 10 in the application for the licence, the licensee shall, as soon as practicable, give notice in writing to the Authority specifying the nature and circumstances of the change.
(2)
A licensee who wilfully contravenes subsection (1) is guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $1,000 for every day on which the offence continues after conviction.
Notification of becoming new or increased controller.