Section 26: Registration of shares in name of nominee

26. Registration of shares in name of nominee (1) Subject to subsection (2), an insurer shall not, except with the approval of the Commission, issue, allot or register any of its shares in the name of a person other than the intended beneficial shareholder. (2) Subsection (1) shall not apply to the issue, allotment or registration of the shares of an insurer— (a) by effect of law, whether on the death, bankruptcy or insolvency of a shareholder of the insurer, or otherwise; (b) where it is necessary that the shares be so issued, allotted or registered in order to facilitate delivery to the purchaser of the shares or to protect the rights of the beneficiary in respect of those shares for a reasonably limited temporary period; [Issue 1] I15 – 24 Revised Laws of Mauritius (c) in the name of a person acting as a trustee or custodian or a recognised depositary institution where that person, the insurer or shareholder concerned is able, on request, to disclose to the Commission the name of the beneficial shareholder on whose behalf shares are held; or (d) to any other person for such purpose approved by the Commission. (3) An insurer who knowingly issues, allots or registers its shares in breach of subsection (1) shall commit an offence and shall, on conviction, be liable to a fine not exceeding one million rupees and to imprisonment for a term not exceeding 3 years.