Section 10: Application for a licence as insurer

10. Application for a licence as insurer (1) An application for a licence under this Part shall be made in such form, manner and medium as the Commission may determine and shall be accompanied by— (a) a statement of the applicant's proposed insurance business, including details on the class of insurance business to be carried on; [Issue 1] I15 – 14 Revised Laws of Mauritius (b) particulars of any substantial shareholder, or of any person being proposed to act as officer of the proposed insurer; (c) a business plan together with a feasibility study conducted certified by an actuary; (d) such other information and documents as may be required by the Commission; and (e) the prescribed fee. (2) On receipt of an application, the Commission may require the applicant or any person referred to in subsection (1) (b) to provide such additional information or documents as it may require for determining the application. (3) The Commission may require that any information furnished by the applicant or any other person referred to in subsection (2) be verified in such manner as it may direct. (4) Where an applicant fails within a reasonable time to comply with a requirement made under subsection (2) or (3), the Commission may by notice given to the applicant determine that the application shall lapse. (5) The applicant shall notify the Commission of any material change which may have occurred, whether before or after the issue of the licence, in the information or documents submitted in connection with an application. (6) Any person who, for the purpose of making an application for a licence under this section— (a) makes a representation or statement which he knows to be false in a material particular; or (b) recklessly makes a representation or statement which is false in a material particular, shall commit an offence and shall, on conviction, be liable to a fine not exceeding 500,000 rupees and to imprisonment for a term not exceeding 2 years. [S. 10 amended by s. 5 of Act 16 of 2007 w.e.f. 28 September 2007.]