Section 55: Application for approval of transfer or amalgamation

55. Application for approval of transfer or amalgamation (1) Subject to this section, an application for a transfer or amalgamation referred to in section 54 shall be made jointly by the parties to the transaction in such form, manner and medium and by giving such notices as may be prescribed. (2) An application under subsection (1) shall be accompanied by— (a) the draft of the document including the terms of the agreement or deed under which the proposed transfer or amalgamation is to be carried out or take effect, as the case may be; [Issue 1] I15 – 40 Revised Laws of Mauritius (b) the audited accounts for the last 5 years or such shorter period as applicable in respect of the insurance business of all insurers concerned in the proposed transfer or amalgamation; and (c) any other report or document as the Commission may require. (3) The notice referred to in subsection (1) shall invite any person, including an employee, director, shareholder or policy holder, who has reasonable grounds for believing that he would be adversely affected by the carrying out of the scheme to write to the Commission within 30 days of the publication of the notice, stating the grounds on which he believes he would be adversely affected by the carrying out of the scheme of transfer or amalgamation. (4) The Commission— (a) may appoint a person, at the expense of the parties to the transaction, to enquire into, and report to it on, the desirability or otherwise of the transaction; (b) shall require the insurers concerned to obtain and submit to it the opinion of its actuary on the fairness of the transaction to the policy holders; or (c) may, by notice, direct any party to the transaction to provide the Commission or that person appointed under paragraph (a) with all information and documents relating to the transaction which it may require. (5) Where the proposed transfer or amalgamation is in respect of long term insurance business, an application shall, in addition to the documents mentioned in subsections (1) and (2), be accompanied by a report on the terms of the scheme and the likely effects of the scheme on policy holders of the insurers concerned as a result of the proposed transfer or amalgamation, prepared by an actuary approved by the Commission. (6) The documents, accounts and reports mentioned in subsections (1) and (2) shall be prepared as at the date at which the proposed transfer or amalgamation is to take effect, which date shall not be more than 12 months after the date of the application.