Notwithstanding anything contained in Section 10, no national or foreign corporate body shall be registered as an Insurer in the
following circumstances :
(a) If the name of an Insurer to be registered is identical to the name of another Insurer which has been already registered in the office of the
Board, and
# (a1) If any Insurer wants to be registered for operating Life Insurance and Non-Life Insurance Business,
Provided that, the registered Insurer who is operating the Life Insurance and Non-Life Insurance Business before the commencement of this Act, shall operate the business through a separate organization for Life and Non-Life Insurance Business as prescribed from the date specified by the Board.
→ (b) If the paid-up capital does not amount to at least two hundred fifty million rupees for the Life Insurance Business and to at least one
hundred million rupees for the Non-life Insurance Business.
# (c) In the event that the Board has made a decision to ban to register to additional corporate body as an Insurer to operate Insurance
______________________________
# Inserted by 1st amendment
→ Amended by 2 st Amendment
# Inserted by 1st amendment
Business on the basis of the report, regarding to the study, research and evaluation of the Insurance Business market.