Insurance Act, 2006 (Act 724)
Section 21: (1) A company incorporated in the country as a limited liability company may apply to the Commission for a licence to carry on insurance business.(2) An application under subsection (1) shall be in writing and shall(a) state the class of insurance business for which the applicant see authorisation to carry on business,(b) contain the prescribed information and be in the prescribed for and(c) be accompanied with the prescribed documentation.(3) The Commission shall require an applicant to furnish it with (a) a business plan covering among others, the(i) class of insurance business to be undertaken,(ii) company's reinsurance programme,(ill) estimated setting-up costs and how the cost will be financed, and(iv) projected development of business shown by projected revenue account and the balance sheet,(b) contract documents,(i) regulating the applicants relationship with other companies,(iI) transferring the applicants functions to other companies, and(iii) the contents of which influence the financial situation of the company,(c) its insurance products, including proposal forms and policy wording and rates, and(d) its risk management systems.(4) The Commission may require an applicant to furnish it with other documentation or information it considers necessary to determine the application.(5) The applicant shall pay a fee determined by the Commission for the licence.