(1) Whenever an administrator stands appointed to an insurer under subsection (2) or (4) of section 2 of this Act, the Bank may, if it considers that it is in the public interest to do so, make such regulations as it considers necessary or appropriate for the purpose of ensuring the proper and orderly regulation and conduct of insurance business or reinsurance business.
(1A) The Bank may make regulations under this section only with the consent of the Minister.
(2) Whenever, at a time when regulations under this section are in force, an administrator ceases to stand appointed under section 2 of this Act to an insurer to which an administrator stood appointed under that section at the time of the making of the regulations, the regulations shall, upon the expiration of seven days from such cesser, cease to be in force unless another administrator is appointed under that section to the insurer before such expiration.
(3) An insurer who contravenes a regulation under this section shall be
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