79Notice of proposed action against licensed insurer

79 Notice of proposed action against licensed insurer If the regulator proposes to take action (the proposed action) mentioned in section 80 (2) in relation to an insurer, or to cancel the insurer licence, the regulator must give the insurer written notice— (a) stating the proposed action; and (b) stating the grounds for the proposed action; and (c) inviting the insurer to make written representations, within a stated period of not less than 14 days after the day the insurer is given the notice, about why the proposed action should not be taken. Action against insurers Division 9.3 Section 80