2(1)Section 53 (registration of insurers) shall be amended as follows.U.K.
(2)In subsection (5) (Commissioners to cancel registration of person who ceases to receive premiums)—
(a)the word “ and ” shall be inserted after paragraph (a);
(b)paragraph (c) (person to satisfy Commissioners that no tax is unpaid) and the word “and” immediately preceding it shall be omitted.
(3)The following subsection shall be inserted after subsection (5)—
“(5A)In a case where—
(a)the Commissioners are satisfied that a person has ceased to receive, as insurer, premiums in the course of any taxable business, but
(b)he has not notified them under subsection (3) above,
they may cancel his registration with effect from the earliest practicable time after he so ceased.”
(4)Sub-paragraph (2) above shall apply in relation to notifications made under section 53(3) on or after the day on which this Act is passed.