(1)  The Board may at any time, in its absolute discretion, by notice in writing served on a licensed insurer or self-insurer, revoke or suspend a licence or permit if it is satisfied –

(a) that the grant of the licence or permit was obtained improperly;

(b) that the licensed insurer or self-insurer has failed to comply with any provision of this Act and the failure constitutes a substantial breach of the requirements of this Act;

(c) that the licensed insurer or self-insurer has been convicted of an offence against this Act;

(d) in the case of a licensed insurer, that the licensed insurer has unreasonably failed, or unreasonably refused, to satisfy or comply with a determination made by the Tribunal in respect of an employer insured or indemnified by the licensed insurer against the liability of the employer under the determination;

(e) in the case of a self-insurer, that the self-insurer has unreasonably failed, or unreasonably refused, to satisfy or comply with a determination made by the Tribunal;

(f) that the conduct of the licensed insurer or self-insurer, his or its employees or officers, or the arrangement of his or its affairs has been such that, in the opinion of the Board, the Board should exercise its power under this subsection in relation to the licence or permit; or

(g) that the licence or permit should be revoked or suspended in the public interest.

(2)  Without limiting the generality of subsection (1) , the powers conferred on the Board by that subsection may be exercised by it on the application of a licensed insurer or self-insurer.

(3)  A notice under subsection (1) shall be accompanied by a statement of the Board's reasons for revoking or suspending the licence or permit.

(4)  The revocation or suspension under this section of a licence or permit shall not –

(a) annul a policy of insurance issued before the revocation; or

(b) diminish or otherwise affect the liability of the insurer under a policy referred to in paragraph (a) or of an employer in relation to his status as a self-insurer before the revocation.

(5)  The revocation or suspension of a licence or permit shall, subject to section 112 (3) , take effect on such date as the Board specifies in the notice, being a date not earlier than 14 days after the service of the notice on the licensed insurer or self-insurer.