Insurance Act, 2006 (Act 724)

Section 51: (1) An insurer shall not publish or issue a document in which is printed a statement of(a) its authorised capital, unless the statement also sets out the amount of its subscribed capital and of its paid-up capital, or(b) of its subscribed capital, unless the statement also sets out the amount of its paid-up capital.         .(2) An insurer that contravenes subsection (1) is liable to pay to the Commission the percuniary penalty stated in the First Schedule. (4) An application to the Commission for approval under subsection (I), (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 (I) or (2) or an insurer that contravenes subsection (3) commits an offence and is liable on SU..11unary conviction to the penalty stated in the First Schedule.

Procedures to Follow

Not Avaiable

Responsible Institution

National Insurance Commission


Relevant Forms to Download

Not Available

Fees / Charges

Not Avaiable