Insurance Act, 2006 (Act 724)
Section 48: 1) A person who owns or holds a significant interest in an insurance business shall not sell, transfer, charge or otherwise dispose of the interest in the insurance business, or a part of the interest, except with the prior written approval of the Commission.(2) A person shall not, whether directly or indirectly, acquire a significant interest in an insurance business except with the prior written approval ofthe Commission. - (3) An insurer shall not, unless with the prior written approval of the Commission(a) cause, permit or acquiesce in the sale, transfer, charge or other disposal referred to in subsection (I), and(b) issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that results in(i) a person acquiring a significant interest in the insurance business, or(ii) a person who already owns or holds a significant interest in the insurance business, increasing or decreasing the size of the interest.(4) An application to the Commission for approval under subsection (1), (2) or (3) shall be made by the insurer.(5) The Commission shall not grant approval under subsection (1), (2) or (3) unless it is satisfied that a person who will acquire a significant interest as a result of the approval is qualified to have an interest in the insurer.(6) An approval under subsections (1), (2) or (3) may be granted by the· Commission on such terms and conditions as the Commission considers appropriate.(7) A person who contravenes subsection (1) or (2) or an insurer that contravenes subsection (3) commits an offence and is liable on summary conviction to the penalty stated in the First Schedule.