Insurance Act, 2006 (Act 724)
Section 26: (1) The Commission shall not issue a licence after the commencement of this Act that authorises the insurer to operate a composite insurance business.
(2) A company licensed to operate
(a) Life Assurance business as a speciality shall not be licensed subsequently to operate a Non-life Insurance business, and
(b) Non-life insurance business as a speciality shall not be licensed subsequently to operate Life Assurance business.
(3) Despite subsection (2), a company
(a) licensed to operate a Life Assurance business may acquire substantial shareholding in a Non-life Insurance company, and
(b) licensed to operate a Non-life Insurance may acquire substantial shareholding in a Life Assurance company.
Procedure to Follow
Responsible Institution
- Email: info@nicgh.org
- Website: https://nicgh.org/
- GPS:
- Telephone: 0302238300 /030 2 238301
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