Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 · 2020 Revised Edition · Part 6 · Policy Owners’ Protection Scheme
33. Withdrawal of exemption from PPF Scheme
Feedback & supportThe Authority may withdraw the exemption granted to a PPF exempt member under section 32(2) if —
the PPF exempt member fails to comply with any condition or restriction imposed in respect of the exemption under section 32(5) or (6); or
the Authority considers it necessary to do so in the public interest.
Before withdrawing any exemption under subsection (1), the Authority must —
give the PPF exempt member written notice of its intention to do so; and
in the notice referred to in paragraph (a), call upon the PPF exempt member to show cause, within such time as may be specified in the notice, why the exemption should not be withdrawn.
If the PPF exempt member to whom a notice is given under subsection (2) —
PPF exempt member
“PPF exempt member” means a relevant insurer which has been exempted by the Authority under section 32 from the requirement to be a PPF Scheme member;
fails to show cause within the time specified in the notice or within such extended period of time as the Authority may allow in any particular case; or
fails to show sufficient cause,the Authority must give written notice to the PPF exempt member of the withdrawal of the exemption and the date on which such withdrawal is to take effect.
Where a withdrawal of exemption becomes effective, the Authority must publish a notice of the withdrawal in the Gazette.