Question

According to the Insurance Act, what is the consequence of failing to deposit the annual fee by an insurer who has been granted a certificate of registration?

A The insurer will be fined for late payment
B The insurer's registration will be temporarily suspended
C The insurer's certificate of registration will be renewed automatically
D The insurer will be given a grace period to pay the fee
E The insurer's certificate of registration will be liable to be cancelled
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