(1) The Commissioner
may cancel the registration of a general insurer on his or her own initiative
or at the request of the insurer.
(2) The Commissioner
is not to cancel a general insurer’s registration unless registration of
the insurer is no longer necessary for the purposes of this Chapter.
(3) A cancellation has
effect on and from the day specified in the notice of cancellation of
registration, which may be a day that is earlier than the day on which the
notice is issued.