The license allows the Company to offer comprehensive insurance and reinsurance services, providing coverage and risk management solutions for individuals, businesses, and organizations. This includes underwriting various policies such as life, health, property, and commercial insurance, along with reinsurance to help other companies manage their risk exposure. In accordance with the specific class of insurance as defined in the Insurance and Reinsurance Regulations.
The validity of this License shall terminate on the date specified on the reverse side, or on the date the Licensee ceases to be incorporated in the Autonomous Island of Anjouan, Union of Comoros, whichever occurs first, unless the License is revoked earlier. This License is also subject to any amendments or modifications made to the “Government Notice of 006 of 2005.”
The License shall be automatically and without prior notice canceled upon the occurrence of any of the following events:
The validity of this License shall terminate on the date specified on the reverse side, or on the date the Licensee ceases to be incorporated in the Autonomous Island of Anjouan, Union of Comoros, whichever occurs first, unless the License is revoked earlier. This License is also subject to any amendments or modifications made to the “Government Notice of 006 of 2005.”
The License shall be automatically and without prior notice canceled upon the occurrence of any of the following events:
- The Company engages in any activity that is prohibited or in violation of any laws, regulations, or rules in force in the Autonomous Island of Anjouan, Union of Comoros.
- As an International Business Company, the Company shall not, except as otherwise permitted by its approved Constitution:
- Carry on business within the Autonomous Island of Anjouan, Union of Comoros, nor hold an interest in immovable property situated in the Autonomous Island of Anjouan, Union of Comoros, except for the lease of premises from which to conduct its business;
- Engage in banking, gambling, brokerage, or any other activity requiring a specific license;
- Operate with fewer than one member at any time;
- Invite the public to subscribe to shares or debentures in the Company.
For the purposes of subparagraph (2)(a), the Company shall not be deemed to be conducting business within the Union of Comoros solely for:
- Engaging in business with another company incorporated under the relevant Act or carrying out activities in furtherance of its business operations outside the Autonomous Island of Anjouan, Union of Comoros;
- Leasing premises for business purposes in accordance with the provisions of the Act;
- Obtaining professional services from registered agents, legal counsel, accountants, bookkeepers, trust companies, management firms, investment advisors, insurance brokers, or other similar service providers conducting business in the Autonomous Island of Anjouan;
- Preparing or maintaining its books and records within the Autonomous Island of Anjouan, Union of Comoros;
- Holding meetings within the Autonomous Island of Anjouan, Union of Comoros, involving its directors or members;
- Holding shares, debt obligations, or other securities in a company incorporated under the relevant Act;
- Issuing shares, debt obligations, or other securities in a company incorporated under the relevant Act or the Companies Act.
3.The License shall be automatically canceled if the renewal fee is not paid by the due date.
Upon cancellation, the individuals responsible for the management and operation of the insurance company shall be personally, jointly, and severally liable for any acts, omissions,