(1) An incorporated cell shall not carry on international insurance business as an incorporated cell of an incorporated cell company unless the incorporated cell is registered under this section and the incorporated cell company holds a valid licence issued under this Act.
(2) An application for registration under subsection (1) shall be made to the Director in the prescribed form and shall be accompanied by the prescribed application fee.
(3) On application made under this section, the Director may register an incorporated cell and issue a certificate of registration to the incorporated cell if satisfied that the carrying on of international insurance business by the incorporated cell through the incorporated cell company shall not be contrary to the public interest.
(4) A certificate of registration issued under subsection (3) shall—
(a) be in the prescribed form;
(b) specify the name of the incorporated cell company through which the incorporated cell is to carry on international insurance business;
(c) be issued on payment of the prescribed fee;
(d) be issued subject to the conditions set out in subsections (5) and (6) and to such other conditions as may be prescribed or as the Minister may determine; and
(e) be valid for a period of one year unless registration is cancelled for breach of a condition of registration or other just cause by the Director.
(5) An incorporated cell registered under this section is subject to the provisions of any regulations relating to incorporated cells made under this Act.
(6) An incorporated cell registered under this section shall not transfer its registration to another incorporated cell company except with the approval of the Director.
(Inserted by Act 44 of 2006)