International Insurance and Takaful Order, 2002 · s 33

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s 33Notification of becoming new or increased controller

(1)

Where the licensee is an IEC or a company incorporated under the

Companies

Act (Chapter 39), no person shall become a controller or an indirect 20%, 33% or majority controller of a licensee unless he has served on the

Authority a written notice that he intends to become such a controller and the

Authority has given its prior written approval.

(2)

Where the licensee is a foreign international company or a company registered under

Part IX of the Companies

Act (Chapter 39), a person who becomes, or ceases to be, a controller or an indirect 20%, 33% or majority controller of a licensee shall prior to, or within one month of acquiring or disposing of such an interest, notify the Authority in writing of such acquisition or disposal, giving in every case the percentage of shares (if any) retained by him.

Contravention of section 33.