Question
What conditions must be met for the Authority to grant a
certificate of registration to an applicant to operate as an insurer under the Insurance Act?Solution
Section 3 Registration: (2A) If, on receipt of an application for registration and after making such inquiry as he deems fit, the Authority is satisfied that— (a) the financial condition and the general character of management of the applicant are sound; (b) the volume of business likely to be available to, and the capital structure and earning prospects of, the applicant will be adequate; (c) the interests of the general public will be served if the certificate of registration is granted to the applicant in respect of the class or classes of insurance business specified in the application; and (d) the applicant has complied with the provisions of sections 2C, 5 and 31A and has fulfilled all the requirements of this section applicable to him, the Authority may register the applicant as an insurer and grant him a certificate of registration.
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