Conditions of an Insurance License

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    1. The validity of this License shall expire on the date specified overleaf or on the date the licensee ceases to remain incorporated in the ANJOUAN, UNION OF COMOROS whichever is earlier, unless the License is revoked earlier
    2. This License is subject to any variations of the “Government Notice of 006 OF 2005
    3. The objects and purposes of the Company is to offer insurance services under the specific class of insurance as specified in the Insurance Regulations.
    4. The License shall ipso facto and without any prior notice stand cancelled, if any of the following events take place:
      (a) The Company shall engage in any activity that is prohibited by or contrary to any enactment or rule of law for the time being in force in Anjouan, Union of Comoros
      (b) The Company is an International Company and accordingly shall not, except as may be permitted by its approved Constitution:
      • Carry on business in Anjouan, Union of Comoros or own an interest in immovable property situation in Anjouan, Union of Comoros other than a lease of premises from which to carry on its business;
      • Carry on banking, sea or air transport, gambling without a specific License;
      • At any time have less than one member;
      • Make any invitation to the public to subscribe for any shares or debentures in the Company.
      (c) For the purposes of subparagraph (2) (a) the Company shall not be treated as carrying a business in the Union of Comoros by reason only that it:
      • Carries on business with another company incorporated under the Act or in furtherance of the business of the Company carried on outside Anjouan, Union of Comoros;
      • Leases premises from which to carry on its business as permitted by the Act;
      • Makes or maintains deposits with a person licensed to carry on banking business in Anjouan, Union of Comoros;
      • Obtains professional services from its registered agent, counsel, attorneys, accountants, bookkeepers, trust companies, management companies, investment advisers, insurance brokers or agents or other similar persons carrying on business within Anjouan;
      • Prepares or maintains its books or records within Anjouan, Union of Comoros;
      • Holds meetings within Anjouan, Union of Comoros of its directors or members;
      • Holds shares, debt obligations or other securities, in a company incorporated under the Act;
      • Issues shares, debt obligations or other securities in a company incorporated under the Act or under the Companies Act.
      (d) Failure to file the following documents annually on renewal with the Commissioner of Insurance:
      • Audited financial statements of the insurance company with written confirmation from an independent auditor that the accounts are unqualified.
      • Certificate of the margin of solvency.
      • Certificate of the liquidity ratio.
      • Actuarial valuation of the adequacy of premiums and loss reserves for any long term business conducted.
      • Declaration of the Principal Representative of the captive that the accounts and returns are, to the best of his knowledge, accurate.
    5. The persons conducting the business of the insurance company shall hold themselves personally, jointly and severally liable for all the acts or commissions, irregularities and violations committed by them after such cancellation.
    6. If renewal fees are not received on the due date the OFA may suspend the License

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