Insurance Act, 2017 (Act No. 18 of 2017)Chapter 10 : Administration of ActPart 1 : Applications and notifications60. Applications |
| (1) | A written application must be submitted to the Prudential Authority— |
| (a) | in respect of an application for the granting of a licence under this Act; |
| (b) | in respect of any other application for approval under this Act; |
| (c) | if any determination, decision, exemption or the performance of any other act is required by the Prudential Authority under this Act. |
| (2) | A written application referred to in subsection (1) must be— |
| (a) | submitted in the form and manner determined by the Prudential Authority; |
| (b) | accompanied by the information determined by the Prudential Authority; and |
| (c) | accompanied by the prescribed fees. |
| (3) | A person must promptly amend an application referred to under subsection (1) if any information provided to the Prudential Authority on application becomes inaccurate prior to the Prudential Authority approving or declining an application. |
| (4) | The Prudential Authority, in respect of any application referred to in subsection (1)— |
| (a) | may— |
| (i) | require a person to furnish additional information, to verify that information, or verify any information that accompanied the application, in the manner specified by the Prudential Authority; and |
| (ii) | take into consideration any other information, derived from whatever source, including another regulatory authority; |
| (b) | must, after considering the application— |
| (i) | grant the application, if the Prudential Authority reasonably believes that the person complies with the requirements for that application; or |
| (ii) | refuse the application, if the Prudential Authority reasonably believes that the person does not comply with the requirements for that application; and |
| (c) | where an application is refused, must notify the applicant of the refusal. |
| (5) | The Prudential Authority may grant any application subject to any conditions necessary to achieve the objective of this Act. |
| (6) | If the Prudential Authority under subsection (4)(a)(i) required a person to furnish additional information or required a person to verify any information the Prudential Authority need not deal further with an application, until the person has furnished or verified the information. |