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Insurance (Exemption from Financial Requirements) Rules

INSURANCE (EXEMPTION FROM FINANCIAL REQUIREMENTS) RULES

LN 9 of 1975

1. Exemption

Any company registered as an insurer intending to carry on insurance business (other than life assurance business) by the issue of a single policy of insurance only shall be exempted from the requirements of section 4(3) of the Insurance Act, Cap. 82 subject to the condition that the Minister approves the extent of the assets of the company exceeding its liabilities and the transaction the subject of the intended policy.

2. Exemption to lapse on issue of further policies

Any exemption conferred upon a company pursuant to the provisions of rule 1 shall upon the issue of any further policy or policies of insurance other than the single policy in respect of which the approval of the Minister has been granted thereby immediately lapse.