Renewal of registration

(1) A registered insurer shall pay to the Supervisor an annual licence fee as prescribed by regulations. (2) Where application to renew the certificate is not made before the date of expiry, or the annual renewal fee is not paid prior to that date, a renewal certificate may nevertheless be issued, on payment of the prescribed penalties provided that– (a) the certificate of registration has not been cancelled or revoked; (b) a renewal application is made and the annual renewal fee is paid within one month after the date of expiry of the certificate; and (c) the Supervisor is satisfied that there were good and sufficient reasons as to why an application for renewal or payment of the renewal fee was not made prior to the date of expiry of the 18 (3) Every certificate of registration shall show on its face the date of its expiry. (4) Any director or officer of a registered insurer who knowingly permits the company to continue to carry on its insurance business after the date of expiry of its certificate of registration and before a current certificate of registration has been issued commits an offence against this Act.