(1)The Bank may, at any time, alter or revoke an assurance licence upon the application in writing in the prescribed form and manner of the licensee under such licence.

(2) Whenever it appears to the Bank that an assurance licence should be suspended or revoked on all or any of the following grounds, that is to say: -

(a) that the licensee thereunder has failed to comply with the provisions of the Act of 1909 or of this Act, or

(b) that, by reason of the insufficiency of the assets of the licensee thereunder, the carrying on by such licensee of the assurance business in respect of which such licence was granted is not justified, or

(c) that such licensee has failed to pay, within one month after a claim on an insurance policy with such licensee is admitted, decided, or adjudged to be due, the amount of such claim to the person entitled thereto, or

(d) in the case of a syndicate, that the constitution of the syndicate is varied by such an increase in the membership of such syndicate as in the opinion of the Bank is unreasonable having regard to the number of the members constituting such syndicate at the date of the issue of the assurance licence to such syndicate,