(1) Where a person who is the holder of an authorisation in respect of non-life insurance is convicted of an offence under section 37 or 38 and, either, the person does not appeal against the conviction or the conviction is affirmed on appeal, the conviction is a ground for revoking the authorisation. Accordingly, the Bank may revoke the authorisation in accordance with Article 23 of the Regulations of 1976, as if -
(a) the following paragraph were inserted in sub-article (1) of the said Article 23 after paragraph (a):
"(aa) was convicted of an offence under section 37 or 38 of the Insurance Act, 1989, and, either, the holder did not appeal against the conviction or the conviction was affirmed on appeal",
and
(b) the following were inserted after "revoked" in sub-article (3)(a) of the said Article 23:
"if the undertaking was convicted of an offence under section 37 or 38 of the Insurance Act, 1989, and, either, the holder did not appeal against the conviction or the conviction was affi
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