(1) Subject to the provisions of this section, the Bank may -
(a) revoke an authorisation in any class or part of a class of life or non-life insurance if it is satisfied that no business has been carried on under the authorisation for the last two consecutive years, or if the holder of an authorisation has reduced the scale of its business in a class or part of a class of life or non-life insurance so as to amount in effect to a cessation of the carrying on of business in that class or part of a class;
(b) suspend an authorisation in any class or part of a class of life or non-life insurance if it is satisfied that business has ceased temporarily or if the undertaking has so reduced the scale of its business in that class or part of a class of business as to amount in effect to a temporary cessation of the carrying on of such business, and it may lay down conditions for the removal of the suspension of the authorisation.
(2) For the purpose of this section the carrying on of insurance
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