Insurance Act, 2006 (Act 724)

65. (I) Subject to section 68, a part of an insurance business may not be(a) transferred to another person, or(b) amalgamated with the business of another person;except under a scheme that complies with this section and sections 66 and 67 a approved by the Commission.(2) Application to the Commission for the approval of a scheme shall made jointly by or on behalf of the insurer and a person who is a party to this scheme.(3) An application under subsection (2) shall be in a form, contain information and be accompanied with documentation that may be prescribed.(4) Notice of the application shall be published in the Gazette and in newspaper of mass circulation that the Commission may determine and notice of the application together with an approved summary of the scheme shall be se to every policyholder affected by the scheme.(5) The notice of the scheme shall contain a statement that representation may be made to the Commission concerning the scheme on or before a date not latter  than two months after the date of the publication in the Gazette.(6) Before determining an application under this section, the Commissionmay(a) at the cost of the insurer, undertake an investigation into (hi desirability or otherwise of the scheme, and(b) require the insurer and each party to the scheme to provide ( Commission with the documents and information it requires.(7) An investigation under subsection (6) may be carried out by (hi Commission or by one or more persons appointed by the Commission to act on  behalf.(8) A transaction to which an insurer is a party which has the effect 0' transferring a part of the business of an insurer to another person or amalgamating part of the business of the insurer with the business of another person is void unless effected under a scheme approved by the Commission.

Procedures to Follow

Not Avaiable

Responsible Institution

National Insurance Commission


Relevant Forms to Download

Not Available

Fees / Charges

Not Avaiable