(1) An insurer shall not do or cause any of the following:- (a) to buy or sell movable and immovable property of an amount exceeding the limit determined by the authority,
(b) any firm, company or institution of which the principal shareholder is a director or the family of a director or an insurer, is a principal shareholder, managing agent or is a shareholder, or gives any kind of guarantee or security,
(c) To give any kind of loan except to give loan to the insured according to the security of the life insurance policy, but this provision shall not be deemed to prevent the insurer from giving salary or installments to its employees as provided in the regulations related to employee service conditions.
(d) To issue an insurance policy in any format other than the format approved by the Authority,
(e) To issue any type of insurance policy other than the insurance policy approved by the Authority,
(f) To calculate the insurance fee in a way that is adverse to the insurance rate determined by the authority,
(g) To invest in the shares or securities of insurers or insurance brokers engaged in the same type of insurance business, but this provision shall not be deemed to prevent the insurer engaged in one type of insurance business from purchasing the securities of another type of insurance business with the prior approval of the Authority.
(h) to make any kind of investment in any company, firm or organization in which any member of the board of directors is a director or in which such member has a personal, financial or commercial interest,
(i) To maintain any type of monopoly in the insurance business or to act in any other way in the nature of controlling the insurance business,
(h) any kind in the competitive environment of the insurance sector; To do or cause any act to obstruct or constitute a controlled practice,
(k) To do or to cause to be done any act contrary to this Act or the rules, regulations or instructions issued under this Act.
(2) If the Insurer comes to know or suspects any person to be insured by unlawfully earning money or committing an offense related to money laundering, to conceal the same orTo protect such person from legal action, such insurance shall not be concealed, altered, paid or information regarding its origin or source concealed or falsified or assisted in any manner thereof. (3) If it is known or received information that any person has done or assisted in doing the act as per sub-section (2) or if it is suspected that such an act has taken place or if there is reasonable reason to suspect it, the insurer shall immediately report the same to the financial information unit established in accordance with the authority and prevailing law. should be provided.