Question

What must be done before an application for an amalgamation or transfer scheme is made to the Authority according to the Insurance Act?

Q: Answer-What must be done before an application for an amalgamation or transfer scheme is made to the Author...

Section 35. Amalgamation and transfer of insurance business 3 Before an application is made to the Authority to approve any such scheme notices of the intention to make the application together with a statement of the nature of the amalgamation or transfer, as the case may be, and of the reason therefore shall, at least two months before the application is made, be sent to the Authority and certified copies, four in number, of each of the following documents shall be furnished to the Authority, and other such copies shall during the two months aforesaid be kept open for the inspection of the members and policy-holders at the principal and branch offices and chief agencies of the insurers concerned.

A The application can be made immediately without prior notice to the Authority

B A notice of intention, with a statement of the nature and reason for the scheme, must be sent to the Authority at least two weeks in advance

C A notice of intention and a statement of the nature and reason for the scheme must be sent to the Authority at least two months in advance, with certified copies of relevant documents made available for inspection by members and policyholders

D No notice or documents are required before applying for the scheme

E Only members and policyholders need to be notified without involving the Authority

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