Insurance Act, 2017 (Act No. 18 of 2017)Chapter 3 : Key Persons and Significant OwnersPart 3 : Changes in control of insurer or controlling company and nominees18. Registration of shares in name of nominee |
| (1) | An insurer that is a profit company registered under the Companies Act or a controlling company may not, without the approval of the Prudential Authority— |
| (a) | allot or issue any of its shares to, or register any of its shares in the name of, a person other than the intended holder of a beneficial interest; |
| (b) | register a transfer of any of its shares to a person other than the intended holder of a beneficial interest. |
| (2) | The Prudential Authority may prescribe the circumstances in which approval under subsection (1) is not required. |