Insurance Act, 2017 (Act No. 18 of 2017)Chapter 2 : Conducting Insurance Business and Insurance Group BusinessPart 3 : Branches of foreign reinsurers and Lloyd's underwriters6. Conducting of insurance business by branches of foreign reinsurers and Lloyd's underwriters |
| (1) | A foreign reinsurer may conduct insurance business in the Republic through a branch of that foreign reinsurer if the foreign reinsurer— |
| (a) | is granted a licence under Chapter 4; |
| (b) | establishes a representative office in the Republic in accordance with Chapter 5; and |
| (c) | establishes a trust in the Republic in accordance with Chapter 6. |
| (2) | A Lloyd’s underwriter may conduct insurance business in the Republic if Lloyd’s— |
| (a) | establishes a representative office in the Republic in accordance with Chapter 5; and |
| (b) | establishes a trust in the Republic in accordance with Chapter 6. |
| (3) | All the sections of this Act apply to a branch of a foreign reinsurer, a Lloyd’s underwriter and Lloyd’s, unless specifically provided for otherwise in this Act. |