In forceAs enactedCurrent version · As enactedSee versions on Attorney General's Chambers(opens the publisher’s site)
International Insurance and Takaful Order, 2002 · As enacted
Official textFrom Attorney General's Chambers, unchanged
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.
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.