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(1) An insurer shall have its head office in Ghana and shall notify the Commission of the address of its head office and of its registered office.

(2) Where the address of the head office or the registered office of an insurer changes, the insurer shall notify the Commission of the new address within fourteen days of the change.

(3) An insurer who contravenes subsection (2) is liable to pay to the Commission the pecuniary penalty stated in the First Schedule.