Section 11: Grant of licence

11. Grant of licence (1) Where the Commission is satisfied that an application under section 10 ought to be granted, it shall grant the application and, on payment of the prescribed fee, issue a licence authorising the applicant to carry on such category of insurance business in respect of such class of insurance policies as may be specified in the licence. (2) Subject to section 12, a licence issued under subsection (1) shall authorise the carrying on of insurance business— (a) in the case of an applicant incorporated or registered under the Companies Act, in or from within Mauritius, or in or from within a country outside Mauritius; I15 – 15 [Issue 1] Insurance Act (b) in the case of an applicant which is organised under the laws of a country outside Mauritius, in or from within Mauritius. (3) The Commission shall not grant an application under subsection (1) except where it is satisfied that— (a) the applicant's objects are limited to insurance business and operations arising directly from it; (b) the applicant has disclosed such bona fide information as the Commission has requested in relation to the proposed business, and to persons who will, upon commencement of the applicant's business, have any proprietary, financial or other interest in, or in connection with, that applicant; (c) the applicant has the financial resources, organisation and management capacities that are necessary to carry on the business which is the subject matter of the application; (d) the applicant, substantial shareholders, and officers of the proposed insurer are fit and proper persons to ensure the sound and prudent management of the insurance business; (e) the applicant will, upon being licensed, be able to comply with and fulfil all requirements under this Act; (f) in the case of a foreign company, it is registered under the Companies Act and has a satisfactory record of at least 3 years’ experience in handling the category and class of insurance business, in respect of which the application is made, in the country under whose laws it is organised; (g) the interests of the public and of the applicant's policy holders and potential policy holders and the reputation of Mauritius as a financial centre will not be jeopardised by the grant of a licence to the applicant; and (h) it would be in the economic interests of Mauritius for the applicant to be licensed as an insurer. (4) In determining an application under this Part, the Commission may take into account— (a) any guidelines or international standards relating to the regulation of insurance business issued by an international body; (b) the provisions of any regulations made under this Act or the FSC Rules or guidelines issued by the Commission; and (c) any information obtained from a foreign regulator or enforcement agency. [S. 11 amended by s. 6 of Act 16 of 2007 w.e.f. 28 September 2007.]