149 Power to remove, replace, or appoint directors, auditor, or actuary

(1)

This section applies if the Bank has reasonable grounds to believe that—

(a)

any of the circumstances referred to in section 143(1) or 145 exists; and

(b)

it is necessary to—

(i)

remove or replace a director, an auditor, or the appointed actuary of a licensed insurer or of an associated person of a licensed insurer; or

(ii)

appoint a person as a director, an auditor, or the appointed actuary of a licensed insurer or of an associated person of a licensed insurer.

(2)

If this section applies, the Bank may—

(a)

remove or replace a director, an auditor, or the appointed actuary of a licensed insurer or of an associated person of a licensed insurer; or

(b)

appoint a person as a director, an auditor, or the appointed actuary of a licensed insurer or of an associated person of a licensed insurer.

(3)

The Bank must—

(a)

exercise a power referred to in subsection (2) by giving notice in writing to—

(i)

the director, auditor, or actuary concerned, or the person being appointed; and

(ii)

in the case of the removal, replacement, or appointment of a director, the Registrar of Companies; and

(b)

give notice in writing of the exercise of that power to the licensed insurer or associated person.

(4)

A notice given under subsection (3)(a)(ii) is sufficient compliance with section 159 of the Companies Act 1993 as long as, in the case of an appointment, the notice is accompanied by the form of consent and certificate required under section 152 of that Act.

(5)

This section does not apply in respect of a director of an overseas person.

(6)

This section has effect despite any enactment, rule of law, or the terms of the constitution of a licensed insurer or an associated person of a licensed insurer.