PART IIAUTHORISATIONS AND RESTRICTIONS UNDER OLD LAW
CHAPTER IINOTICES TO WITHDRAW, SUSPEND OR RESTRICT AUTHORISATION
Notices under the Insurance Companies Act
Notice of grounds of unfitness of person under the Insurance Companies ActI119
Where, before commencement—
a
the Treasury have served a notice under section 12(2) of the Insurance Companies Act on a person whose fitness is in question but have not served a notice under section 12(1) of that Act on the company on the grounds set out in section 12(2A) arising from that alleged unfitness; or
b
the Treasury have served a notice under section 46(1) of the Insurance Companies Act because of the unfitness of a person but have not served a notice under section 46(2) of that Act in respect of the matter covered by the notice,
that notice ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the person on whom the notice was served of that fact.