Section 6: Registration as insurer.

(1) The Commission shall before registering an insurer be satisfied that-
(a) the class or category of insurance business shall be conducted in accordance with sound insurance principles;
(b) the applicant being one of the persons referred to under section 3 of this Act is duly established under the applicable law and has a paid-up share capital and statutory deposit as specified in section 9 of this Act for the relevant class of insurance business;
(c) the arrangements relating to reinsurance treaties in respect of the class or category of insurance business to be transacted are adequate and valid;
(d) the proposal forms, terms and conditions of policies are in order and acceptable;
(e) there shall be competent and professionally qualified persons as may be determined from time to time by the Commission to manage the company;
(f) the applicant does not have in its employment a person disqualified from being appointed by an insurer under section 12 of this Act;
(g) the directors have attended the promoters' interview and are persons who have not been involved in or been found guilty of fraud;
(h) the name of the applicant is not likely to be mistaken for the name of any other insurer who is or has been an insurer or so nearly resembling that name, as to be calculated to deceive;
(i) the applicant has paid the fee prescribed for registration;
(j) it is in the interest of public policy that the applicant be registered;
(k) where the class of insurance is other than life insurance business, the applicants is for the purposes of transacting not less than 3 classes of insurance business;
(l) the applicant has a satisfactory business plan and feasibility study of the insurance business to be transacted within the next succeeding 5 years from the date of the application; and
(m) in the case of reinsurance business, that in addition to the matters referred to in this section, it has complied with section 10 (i) (d) of this Act and any other conditions which may be specified from time to time by the Commission.
(2) The Commission shall if satisfied, register the applicant as an insurer and issue to the applicant a certificate of registration.
(3) Notice of the registration of an applicant as an insurer and under section 7 (6) of this Act be published in the Gazette or in such other manner.