Insurance Act, 2006 (Act 724)
Section 38: (I) A person may apply to the Commission, or through an insurance intermediary, for authorisation to enter into a contract of insurance of a type specified in section 37 (1) with an offshore insurer.(2) The Commission may authorise the applicant to enter into a contract of insurance with an offshore insurer in respect of that risk subject to such conditions, as the Commission considers appropriate.(3) In determining whether to grant an authorisation under subsection (2), the Commission shall have regard to the local capacity available to insure the risk in respect of which the application is made.(4) Where the Commission issues an authorisation under subsection (2), the offshore insurer is considered not to be in breach of section 36.(5) A person who is issued an authorisation under subsection (2) shall pay a premium to be determined by the Commission.