In the event of any violation listed hereunder committed by an Actuary, the Authority shall take the procedures and apply the penalties set forth in this Article, in addition to the procurers provided for in other laws and regulations:

1. Violations:
   1. Breaching laws, Regulations, Instructions, or Decisions issued by the Authority.
       
   2. Violating the rules of ethics of the Actuaries’ profession practice adopted by the society that he belongs to.
       
   3. Failure to perform his duties in the manner legally and professionally required.
       
   4. Inaccuracy of the reports he submits on the financial or technical position of the Company.
       
   5. Losing any one of the conditions based on which the license was granted.
       
   6. Failure to renew his registration in accordance with Article (8) of these Regulations.
       
   7. Disclosing any information pertinent to the Company which he became aware of during performing his professional undertakings.
       
2. Procedures and Penalties: In the event any of the violations listed in Paragraph (1) herein is substantiated with evidence satisfactory to the Authority, the latter shall have the right to apply any of the following measures and penalties:
    
   1. Warn the Actuary of taking the appropriate measures to rectify his status within a specific period of time.
       
   2. Suspend his license and require him to rectify his position within a specific period of time, along with notifying insurance companies that he works for and the related entities of such decision.
       
   3. In case of failure to rectify the situation within the specific period, the decision to cancel the license shall be taken, and all insurance companies shall be notified of such.
       
   4. In the event the Actuary's license is cancelled pursuant to the provision of this Article, the Actuary may not submit a new application for license before the lapse of two years from the date of issue of the cancellation decision.
       
3. The decision of the Authority to cancel the license or write off the registration may be appealed within 30 days from the date of notification thereof to the Board of Directors of the Authority. The decision of the Board on such appeal shall be final.