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When used as an enforcement tool, the criteria used by the CBB in assessing whether to seek the cancellation or amendment of a license include:

(a) The extent to which the interests of the policyholdersG and others who have a claim on the licensee would be best served by the cancellation or amendment of the license;
(b) The extent to which other supervisory penalties could reasonably be expected to achieve the CBB's desired supervisory objectives;
(c) The extent to which the licensee has contravened the condition of its license and/or the CBB Law, including the seriousness, duration and/or frequency of the contravention(s) concerned, and the extent to which the contraventions reflect more widespread or systemic weaknesses in controls and/or management;
(d) The extent to which the licensee has been involved in financial crime or other criminal conduct; and
(e) The licensee's past compliance record and conduct following the contravention(s).
Amended: January 2007
(2 Versions)
Up to Jun 30 2007Jul 1 2007 onwards
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