Section 22: Supplementary provisions

22. Supplementary provisions. —(1) All guidelines decisions and directives whether of the Board or the Commission shall be in writing expressed by resolutions, orders or in such other form as may be appropriate in the circumstances and shall be authenticated in the manner prescribed by the regulations, and where so provided by regulations, also sealed with the seal of the Commission. (2) All policy decisions and directives of the Board and the Commission respectively shall be published in the official Gazette and the Board and the Commission shall make ” such publications available to the public. (3) The Commission shall, in adjudicating upon the rights of any person whose application on any matter it is required to consider in the exercise of any power or function under this Act, give the reasons for its decision after giving the person concerned a personal hearing, in addition to any written applications or submission which may be required to be made. (4) The Commission when exercising its powers under this Act shall have regard, so far as, relevant to the circumstances of the particular case, to― (a) the viability of the company or body corporate; (b) the quality and capability of the management of the company or body corporate; (c) the suitability for listing of the company or body corporate or a Stock Exchange where applicable; (d) the interest of public investors, existing or potential, in the company or body corporate; 1[(da) the professional competence and capability of persons engaged in th e provision of services in the insurance industry; (db) the interest of insurance policy holders, existing or potential, where applicable;] (e) any policy decision or directives of the Board; and (f) the general public interest. (5) Subject to the compliance of the provisions of sub­section (3), section 24A of the General Clauses Act, 1897 (X of 1897), shall apply to any order made or direction given under this Act. 1Ins. by Ord. No. LV of 2000, ss, 5­6. PART VII FINANCE

Effective date: 1997-01-01

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