Insurers doing the same type of insurance business may merge or merge with each other in accordance with prevailing laws after taking the approval of the authority.
(2) Both the merging and the merging insurers shall submit a joint application to the Authority for approval, along with the prescribed documents, prior to the initiation of merger or merger proceedings as per sub-section (1).
(3) Upon examination of the application received under sub-section (2), if it is deemed necessary to merge or merge the insurer, the authority will: give theoretical approval to start the related action.
(4) After receiving in-principle approval in accordance with sub-section (3), the merging or merging insurers shall appoint a person who is qualified to be an auditor of the insurer to evaluate the assets, liabilities and business of their respective companies and submit an application to the authority along with the details of the evaluation as prescribed. will fall
(5) If an application is received according to sub-section (4), the authority, after conducting the necessary investigation and understanding any additional matters with the applicant, may grant permission to merge or merge the applicant insurers if it is deemed appropriate to merge them with each other. However, if there is a possibility that when insurers merge or merge with each other, there will be harm or loss to the insured, unhealthy competition will increase in the insurance business, or if there is a possibility that an insurer's monopoly or controlled business practice may be maintained, the authority will not approve such insurers to merge or merge with each other.
(6) Other arrangements regarding merger or merger of insurers shall be as prescribed.