Section 1 — Establishment of the National Insurance Commission Section 2 — Object and functions of the Commission Section 3 — Governing body of the Commission Section 4 — Responsibility of the Board Section 5 — Tenure of office of members Section 6 — Meetings of the Board Section 7 — Disclosure of interest Section 8 — Establishment of committees Section 9 — Allowances for members of the Board Section 10 — Engagement of consultants and experts Section 11 — Ministerial directions Section 12 — Appointment of Commissioner and Deputy Commissioner of Insurance and their functions Section 13 — Secretary to the Board Section 14 — Appointment of other staff Section 15 — Delegation of appointment Section 16 — Budget and work programme Section 17 — Levies payable to Commission Section 18 — Funds of the Commission Section 19 — Accounts and audit Section 20 — Annual report and other reports Section 21 — Application for insurer's licence Section 22 — Issue of insurer’s licence Section 23 — Persons not qualified to foe issued with insurance licence Section 24 — Commission may Issue conditions Section 25 — Form of insurer’s licence Section 26 — Restriction on licensing composite insurance companies and specialisation Section 27 — Submission of licence to Commission Section 28 — Publication of issue of licence Section 29 — Duration of licence Section 30 — Variation of conditions of licence Section 31 — Refusal, suspension or revocation of licence Section 32 — Notice of refusal to grant application Section 33 — Appeal to the High Court Section 34 — Application for renewal Section 35 — Renewal of Insurer's licence Section 36 — Prohibition of unlicensed insurance business Section 37 — Restriction on contract with offshore insurer Section 38 — Authorization to enter into contract of insurance with offshore insurer Section 39 — Restriction on contact office Section 40 — Conditions applicable to offshore insurer's licence Section 41 — Offence for offshore insurer to carry on business without approval Section 42 — Insurer to carry on insurance business only Section 43 — Insurer to carry on business in accordance with business plan Section 44 — Avoidance of contracts of insurance of unlimited amount Section 45 — Approval of insurance products Section 46 — Head office and registered office Section 47 — Authorization to open an offshore office Section 48 — Approval required for disposal of interest Section 49 — Appointment of directors and principal officers of an insurer Section 50 — Termination of appointment of directors and principal officers of an insurer Section 51 — Publication of authorized and subscribed capital Section 52 — Prohibition on payment of commission unlicensed-d insurance-intermediary Section 53 — Approval of reinsurance arrangements by Commission Section 54 — Reinsurance statements and documents to be filed Section 55 — Reinsurance of risks outside the country Section 56 — Appointment of actuary Section 57 — Powers of Commission with regard to appointment of actuary Section 58 — Powers of actuary Section 59 — Obligations of actuary Section 60 — Actuary to comply with prescribed standards Section 61 — Annual actuarial investigations Section 62 — Attendance of meetings by actuary Section 63 — Refusal to co-operate with actuary Section 64 — Actuarial investigation and report Section 65 — Application for a scheme of transfer or amalgamation Section 66 — Details of scheme Section 67 — Commission may conduct hearing of application Section 68 — Application of Part S of the Companies Code Section 69 — Maintenance of capital toy insurer Section 70 — Shares to be fully paid for in cash Section 71 — Solvency margin Section 74— Return of deposit Section 75— Distribution Section 76 — Prohibition relating to advances and loans Section 77 — Approval of premium and rates by Commission Section 78 — Accounts record Section 79 — Financial year of insurer Section 80 — Preparation and lodgement of accounts of insurer Section 81 — Lodgments of quarterly accounts and report Section 82 — Extension of time Section 83 — Amendment of accounts Section 84 — Group accounts Section 85 — Insurer to appoint an auditor Section 86 — Audit report Section 87 —Obligation and termination of appointment of auditors Section 88 — Powers of Commission with regard to appointment of auditor Section 89 — Auditor may rely on actuarial valuations Section 90 — Provisions do not limit Companies Code Section 91 — Insurer not to be wound up by private liquidation Section 92 — Modification of Act 180 Section 93 — Commencement of proceedings Section 94 — Application for liquidation by Commission Section 95 — Service on Commission Section 96 — Reduction of contracts as alternative to official liquidation Section 97 — Continuation of long term business by liquidator Section 98 — Protection of segregated funds and assets Section 99 — Judicial management order Section 100 — Application for judicial management order Section 101 — Moratorium Section 102 — Duties of judicial manager Section 103 — Additional duties of judicial manager Section 104 — Powers of judicial manager Section 105 — Information and notice of judicial manager Section 106 — Appearance in Court Section 107 — Remuneration of judicial manager Section 108 — Removal of judicial manager and filling of vacancy Section 109 — Discharge of judicial management order Section 110 — Report of judicial manager Section 111 — Order of Court on report of judicial manager Section 112 — Transfer of business to another company Section 113 — Indemnity of judicial manager Section 114 — Application for insurance intermediary licence Section 115 — Issue of insurance intermediary's licence Section 116 — Insurance intermediary’s licence Section 117 — Restrictions on persons who may be licensed Section 118 — Submission of licence to Commission Section 119 — Publication of issue of licence Section 120 — Variation of conditions of licence Section 121 — Duration of licence Section 122 — Refusal of application Section 123 — Appeal to High Court Section 124 — Application for renewal of insurance intermediary's licence Section 125 — Renewal of insurance intermediary's licence Section 126 — Prohibition on unlicensed business as an insurance intermediary Section 127 — Restriction on contact office Section 128 — Application for approval to establish contact office Section 129 — Variation of condition of offshore insurance intermediary Section 131 — Maintenance, of capital by insurance intermediary Section 132 — Deposits by insurance intermediary Section 133 — Return of deposit Section 134 — Restriction on insurance intermediary, their directors, officers and employees Section 135 — Prohibition to deal with unlicensed insurer Section 136 — Collection of premiums by insurance intermediary Section 137 — Accounts records Section 138 — Financial year of insurance intermediary Section 139 — Preparation and lodgement of accounts Section 140 — Extension of time Section 141 — Lodgment of quarterly accounts and returns Section 142 — Amendment of accounts Section 143 — Insurance intermediary to appoint an auditor Section 144 — Audit report Section 145 — Obligations of auditors Section 146 — Powers of Commission with regard to appointment of auditor Section 147 — Insurance intermediary not to be wound up by private liquidation Section 148 — Further modification of Act 180 Section 149 — Commencement of proceedings Section 150 — Commission may present petition to wind up insurance intermediary Section 151 — Service on Commission Section 152 — Monitoring of advertisements Section 153 — Commission may request change of name Section 154 — Commission shall approve change of name Section 155 — Filing of returns and submission of information to commission Section 156 — Defective returns Section 157 — Notification to commission of any judgment Section 158 — Fees payable to Commission Section 159 — Restrictions on disclosure of information Section 160 — Display of licence Section 161 — Service of notice to policy holder Section 162 — Change in circumstances relating to application to Commission Section 163 — Limitation of section 261 of the Companies Code Section 164 — Restriction on the use of the words "insurance", "assurance" and "underwrite" Section 165 — Inspections Section 166 — Duties of directors officers and managers in relation to inspection Section 167 —"Report on inspection Section 168 — Power of Commission to gather information Section 169 — Privileged document and information Section 170 — Examination under Death Section 171 — Assistance to foreign regulatory authorities Section 172 — Search warrant Section 173 — Appointment of examiner Section 174 — Order of Court Section 175 — Enforcement Section 176 — Revocation or suspension of licence Section 177 — Effect of revocation or suspension of licence Section 178 — Representation to the Commission Section 179 — Appeal to High Court Section 180 — Protection order Section 181 — Directives to insurer Section 182 — Directives to insurance intermediary Section 183 — Insurance of commercial building under construction Section 184 — Insurance of commercial buildings Section 185 — Establishment of Fire Service Maintenance Fund Section 186 — Object of the Fire Service Maintenance Fund Section 187 — Source of money for the Fund Section 188 — Management of the Fire Maintenance Fund Section 189 — Conditions for providing grants from the Fund Section 190 — Accounts, auditing and annual report Section 191 — Penalty for non-compliance by an insurer Section 192 — Establishment of the Motor Compensation Fund Section 193 — Object of the Compensation Fund Section 194 — Source of money for the Fund Section 195 — Management of the Fund Section 196 — Conditions for providing grants from the Fund Section 197 — Establishment of a Client Rescue Fund Section 198 — Emergency treatment for road traffic accident victims Section 199 — Registers Section 200 — Inspection of registers and information held by Commission Section 201 — Electronic filing of documents Section 202 — Regulations Section 203 — Code of Practice Section 204 — Market Conduct Rules Section 205 — Penalties for contraventions and offences Section 206 — Offences by bodies of persons Section 207 — General penalty Section 208 — Order to comply Section 209 — General indemnity Section 210 — Insurance agents to be agents of insurers Section 211 — Interpretation Section 212 — Transitional provisions Section 213 — Repeal and savings Section 214 — Consequential amendment First Schedule Second Schedule