Insurance Act, 2017 (Act No. 18 of 2017)Chapter 4 : Licensing, Suspension and Withdrawal of Licence23. Licensing |
| (1) | An application for a licence must be made to the Prudential Authority. |
| (2) | The Prudential Authority must, in the case of a branch of a foreign reinsurer or a subsidiary of a foreign insurer, only grant or refuse an application after consultation with the regulatory authority that regulates the foreign reinsurer. |
| (3) |
| (a) | The Prudential Authority must grant or refuse an application within 120 days of the date on which the application was submitted to the Prudential Authority, or such longer period agreed between the Prudential Authority and the applicant. |
| (b) | If the Prudential Authority requested additional information in terms of section 60(4)(a)(i), then the period between the date on which the additional information was requested and when the information was provided to the Prudential Authority is not considered when determining the 120 days referred to in paragraph (a). |
| (4) |
| (a) | The Prudential Authority must, on granting an application, issue a licence and publish a notice of the licensing on the official website. |
| (b) | The licence of an insurer must specify— |
| (i) | the full name of the insurer and any translation, shortened form or derivative of the name of the insurer that may be used in conducting business; |
| (ii) | the type of insurance business for which the insurer is licensed; |
| (iii) | the classes and sub-classes of insurance business that the insurer may conduct; and |
| (iv) | any conditions referred to in section 25(8) subject to which the licence is granted. |
| (c) | The licence of a controlling company must specify— |
| (i) | the full name of the controlling company and any translation, shortened form or derivative of the name of the controlling company that may be used in conducting business; and |
| (ii) | any conditions referred to in section 25(9) subject to which the licence is granted. |
| (5) | An insurer and controlling company must ensure that a reference to the fact that such a licence is held is contained in all business documentation and advertisements and other marketing material. |
| (6) | An insurer or controlling company may not change its name or any translation, shortened form or derivative of the name of the insurer or controlling company that may be used in conducting business without the approval of the Prudential Authority. |