Application for registration

(6) Notwithstanding sub-sections (1) to (5), if the person who has a controlling interest in an insurer or insurance intermediary is itself an insurer or insurance intermediary under this Act, this section shall not apply. (1) A person who is required under this Part to register as a financial holding company shall apply for registration in writing and in the prescribed form and manner, together with the prescribed non-refundable application fee and the following– (a) the capital resources and capital structure of the body corporate that is the proposed including identification of the person who controls it and of any person who holds more than ten percent of any class of shares; (b) organisational and managerial structures; (c) composition of the board of directors; (d) whether the directors and officers of the proposed financial holding company are fit (e) whether the person controlling the proposed financial holding company is fit and proper; (f) audited financial statements for the past three years, if applicable; (g) strategic and operational business plans; 47 (h) financial plans, including projections for the next three years; (i) sources of funds for initial and ongoing costs; and (j) any other information that the Supervisor may require. (2) The Supervisor shall consider the information referred to in sub-section (1) and shall not register an applicant as a financial holding company unless– (a) the person controlling the proposed financial holding company is fit and proper and is not likely to prejudice the of policyholders and other customers of the insurers or insurance intermediary; and (b) ownership of shares by the person controlling the proposed financial holding company, given the corporate affiliations or structure of that person, is not likely to, (i) hinder effective supervision under this Act; or (ii) prejudice the interests of policyholders and other customers of an insurer or insurance intermediaries. (3) The Supervisor may attach conditions to the registration of a financial holding company under this section, including, without limitation, conditions to ensure that– (a) the capital available to the financial group is adequate and will not jeopardize the financial position of an or 48 intermediary, bank or financial institution within the financial group; (b) no double or multiple gearing or excessive leveraging of capital exists or will take place; (c) the financial group is structured and managed in such a manner that it may be supervised by (d) each member of the financial group maintains adequate control mechanisms enabling it to provide to the Supervisor any data or information relevant to its supervision; and (e) activities or overseas locations of operations that may be injurious to the insurer or insurance intermediary or other licensees that are members of the financial group are prevented. (4) The Supervisor may, at any time and from time to time, vary, remove or add further conditions to the registration of a financial holding company under this section. CAP. 263.