Section 13: Branches and display of licence

13. Branches and display of licence (1) A person licensed to carry on insurance business under this Part— (a) shall not, without prior written notification to the Commission— (i) open a branch in Mauritius; (ii) open a branch, agency or set up or acquire any subsidiary in any country outside Mauritius; (b) shall— (i) keep its licence, at all times, at its principal place of business in Mauritius and a copy thereof in every branch or office that it may have; (ii) ensure that the licence kept in accordance with subparagraph (i) contains the up to date conditions attached to the licence; (iii) display, on request made by any person on or before entering into a business transaction with that insurer, the licence together with the up to date conditions of the licence. (2) Where an insurer fails to comply with subsection (1), it 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. PART III – SOLVENCY REQUIREMENTS