- Laws of Fiji

Last Updated: 1 August 2022

[INS 121] Reserve Bank may give notice121

121

(1) If an insurer contravenes this Part the Reserve Bank may give the insurer written notice requiring the insurer, within a specified period, to take specified action to remedy the contravention.

(2) The period specified in a notice under subsection (1) must end not earlier than 21 days after the giving of the notice.

(3) The action to be specified in a notice under subsection (1) is such action as the Reserve Bank thinks appropriate and reasonable to overcome the effects of the contravention.

(4) At any time before the end of the period specified in a notice under subsection (1), the Reserve Bank may in writing extend the period as it thinks fit.