(1) The Commission may take enforcement action against an insurer or insurance intermediary where in the opinion of the Commission the insurer or insurance intermediary

(a) has contravened or is in contravention of this Act, the Regulations the Code of Practice or the Market Conduct Rules,

(b) Is carrying on business in manner detrimental to the public interest or to the interest of any of its policyholders or creditors, customers or in the case of an insurance or the insurer on whose behalf the insurer or insurance intermediary acts,

(c) is or is likely to become insolvent,

(d) has failed to comply with a directive given to it by the Commission under section 181, in the case of an insurer or section 182 in the case of insurance intermediary,

(e) is in breach of any condition of its licence,

(f) is not qualified to hold a licence, or

(g) has provided the Commission with false, inaccurate or misleading information, whether on making application for licence or subsequent to the issue of the licence.

(2) The Commission may also take enforcement action where

(a) make or has made a composition or arrangement with its creditors, is wound up, passes a resolution for winding up or is dissolved,

(b) a receiver and manager has been appointed in respect of the insurance business or insurance intermediary business carried on by the insurer or insurance intermediary or possession has been taken of any of its property by or on behalf of the holder of a debenture secured by a registered charge,

(c) in the opinion of the Commission

(i) a person who has a share or interest in the insurer or insurance intermediary, whether equitable or legal, or any director or principal officer of the insurer,. is not a qualified person to have an interest in the management of the business of an insurance company or insurance intermediary, as the case maybe,

(ii) apart of the business of the insurer, is not being carried on in accordance with sound insurance principles,

(iii) the insurer or any other person has refused or failed to co-operate with the Commission on an inspection conducted by the Commission,

(iv) adequate arrangements have not been made, or will not be made, for the reinsurance of risks against which persons are insured by the insurer,

(v) there has been a substantial departure from any business plan submitted to the Commission, or

(d) the Commission is entitled to take enforcement action under a provision in any other enactment.

(2) For the purposes of subsection (1) (c), an insurer is considered to be insolvent where the total value of its assets does not exceed the total amount of its liabilities by at least the minimum margin of solvency that it is required to maintain under section 71(1).

(3) Where the Commission is entitled to take enforcement action under subsection (1) it may exercise one or more of the following powers:

(a) revoke or suspend the insurer's or insurance intermediary's licence under section 176,

(b) appoint an examiner to conduct an investigation under section 173,

(c) appoint a qualified person to advise the insurer or insurance intermediary on the proper conduct of its business, or

(d) issue a directive under sections 181 or 182.