31HSuspension or cancellation of registration

##### 31H Suspension or cancellation of registration (1) ASIC may suspend for such period as ASIC considers to be appropriate, or cancel, the registration of a person under this Part if the person, or a director, employee or agent of the person, has, whether before or after the registration took place and whether before or after the commencement of this Part, been convicted of an offence: (a) against or arising under this Act or any law, whether of the Commonwealth, of a State or Territory, or of some other country, in respect of conduct relating to insurance; or (b) in respect of dishonest conduct; being an offence that, in the opinion of ASIC, renders the person unfit to carry on business as a foreign insurance agent. (1A) If: (a) a person registered under this Part, or a director, employee or agent of such a person, becomes bankrupt or insolvent; or (b) a person registered under this Part fails to discharge the ordinary obligations of an insurance intermediary as set out in decision‑making principles in force under section 41A; ASIC may: (c) suspend the registration of the person for such period as ASIC considers appropriate; or (d) cancel the registration of the person. (2) While the registration of a person under this Part is suspended, the person shall be deemed not to be registered under this Part. (3) Despite subsection (2), a person whose registration is suspended may carry on such of the person’s business as a foreign insurance agent as ASIC specifies in writing for such time and subject to such conditions (if any) as ASIC specifies in writing. (4) A person shall not carry on business as a foreign insurance agent after the time specified under subsection (3) or fail to comply with a condition under that subsection that is applicable to the person. Penalty: Imprisonment for 2 years. > Note: Subsection 4B(2) of the Crimes Act 1914 allows a court to impose an appropriate fine instead of, or in addition to, a term of imprisonment. If a body corporate is convicted of an offence, subsection 4B(3) of that Act allows a court to impose a fine of an amount that is not greater than 5 times the maximum fine that could be imposed by a court on an individual convicted of the same offence. (5) If ASIC cancels a person’s registration, ASIC may specify, in writing, a period during which the person is to be disqualified from registration and, if a period is so specified in relation to a person, the person is disqualified from registration during that period. (6) A person shall not be registered under this Part while the person’s registration is suspended or while the person is disqualified from registration. (7) Where ASIC suspends or cancels under this section the registration of a person under this Part, ASIC shall cause notice of the suspension or cancellation to be published in the Gazette.