(1) The founder of an insurer shall not be allowed to sell the founder's shares or hold a mortgage or transfer the rights in any manner until five years have passed since the establishment of the insurance company. But before the commencement of this Act, if someone has taken shares of an insurer in excess of the number mentioned in this Act, he shall sell and distribute the shares that will be in excess within two years of the commencement of this Act.
(2) "Despite what is written in sub-section (1), if there is any obstacle in the operation of an insurer and a special situation is created or if the founder is blacklisted according to the prevailing law, shares can be bought and sold between the founders with the approval of the authority. Explanation: For the purposes of this sub-section, "special circumstances" means a situation in which the meeting of the Board of Directors has not been held for three consecutive times due to lack of quorum or no decision has been reached due to mutual disputes among the directors.
(3) After the completion of five years by the founder of the insurer, the terms and conditions of holding or sale and distribution of the shares in his name shall be as determined by the authority.
(4) Insurer's executive head, auditor, employee, company secretary or directly in the management and accounting work of the insurer: During the time the person involved is holding such position or for one year from the date of retirement from such position, the shares of the related insurer or its subsidiary company are his or his own. A family member or any other person having a financial interest or a firm, company or organization controlled by such person or in the name of or to any other person to buy, sell or give to buy, mortgage, deposit or take a donation box to give, transfer or transact no But when bonus shares, rights shares, shares allocated to employees or new shares are issued, when one insurer acquires another insurer or merges with each other in accordance with paragraph-14, when the insurance business is transferred or the authorityThis sub-section shall not be deemed to be a hindrance to the operation of the purchase, sale or transfer of shares in execution of the instructions of (5) Purchase, sale and other arrangements of the insurer's shares shall be in accordance with the prevailing law.