Section 25: Shares and debentures
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
25. Shares and debentures
An insurer shall not, without the approval of the Commission or otherwise
than in accordance with the conditions determined by the Commission—
(a) issue or convert any shares which confer preferential rights to
distributions of capital or income;
(b) convert any of its shares of a particular class into another class;
(c) convert any of its shares into debentures;
(d) issue any debentures; or
(e) reduce its minimum capital requirement.
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Questions this section answers
- Can an insurer issue new debentures or shares without the Commission's approval?