3-1

The Central Bank may at any time revoke, suspend, restrict or vary the License if any of the following circumstances materializes:

a.

the Insurance Broker does not comply with any condition of the licensing conditions;

b.

the Central Bank has been provided with false, misleading or inaccurate information by or on behalf of the Insurance Broker or any of the Insurance Broker’s Representatives;

c.

the interests of Clients or potential Clients of the Insurance Broker are in any way threatened, whether by manner in which the Insurance Broker is conducting its business or for any other reason;

d.

an order for the liquidation of the business of the Insurance Broker or any of the Insurance Broker’s Representatives has been made by a competent judicial/supervisory authority or the voluntary liquidation of the Insurasnce Broker;

e.

a receiver or manager or any similar officer of the Insurance Broker has been appointed by a judicial authority;

f.

a bankruptcy order or judgment has been made in respect of the Licensed Insurance Broker;

g.

the Insurance Broker suspends its activities for a period of six (6) consecutive months;

h.

the Insurance Broker, in the opinion of the Central Bank, is unable to pay its debts as they fall due or the value of its assets is, in the opinion of the Central Bank, is less than the amount of its liabilities, taking into account its contingent and prospective liabilities;

i.

execution or other process is issued on a judgment decree or order to sell its assets or part thereof by any court and is returned unsatisfied in whole or in part;

j.

the Insurance Broker does not start activities within six (6) months from licensing; or

k.

the Insurance Broker provided false or misleading information or concealed or failed to disclose material facts in the application.

3-2

Upon the lapse of three (3) months from the date of revocation, and after satisfying all the Insurance Broker’s liabilities, the letter of guarantee and the professional indemnity policy shall be terminated, upon the issuance of a decision in that regard by the Central Bank.