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  • ES-1.14 ES-1.14 Module EN — Enforcement

    • ES-1.14.1

      This Module outlines enforcement powers and processes that may be applied by the CBB to address failures by insurance licensees, approved persons or registered persons. The purpose of such measures is to encourage a high standard of compliance by all those authorised by the CBB, thus reducing risk to policyholders and the financial system.

      Amended: January 2007

    • ES-1.14.2

      The enforcement measures contained in the Module are of varying severity and will be used in keeping with the CBB's assessment of the contravention, reserving the most serious enforcement measures for the most serious of contraventions.

      Amended: January 2007

    • ES-1.14.3

      The CBB follows a proportionality principle in its enforcement measures, and will usually opt for the least severe of appropriate enforcement measures, consistent with the desired outcome. The CBB's enforcement approach includes:

      (a) Formal requests for information;
      (b) Investigations;
      (c) Formal warnings;
      (d) Directions;
      (e) Financial penalties;
      (f) Administration;
      (g) Cancellation of license;
      (h) Cancellation of "fit and proper" approval; and
      (i) Cancellation of registration (for actuaries, loss adjusters and appointed representatives only).
      Amended: October 2009
      Amended: January 2007

    • ES-1.14.4

      A reminder of criminal sanctions in the CBB Law and other legislation is set out in Chapter EN-10.

      Amended: January 2007