5. Dismissal of Membership of Fund: (1) The Board of Directors may
dismiss the membership of Fund granted under Rule 4 in the following
circumstances:
(a) Cancellation of certificate allowed for making
business of non life insurance.
(b) Failure to pay the premium 7
or amount supposed to
be paid to the Fund.
(c) Failure to accomplish the function supposed to be
accomplished under these Rules.
(2) The Board of Directors, prior to dismissing the membership
of a member insurer under Sub-rule (1), shall give an appropriate
opportunity to submit his explanation in his defense.