Section 67: Restrictions on undertaking business in partnership or acquire assets in ownership

1) Insurer shall not undertake any business in partnership or acquire assets in ownership with director, director’s family members, substantial shareholders, chief executive officer, person with financial interest, any firm, company or corporate body in which the insurer or its director is managing agent or partner.

2) If any insurer had undertaken any business in partnership or acquired assets in ownership with director, director’s family members, substantial shareholders, chief executive officer, person with financial interest, any firm, company or corporate body in which the insurer or its director is managing agent or partner, before the commencement of this act, such partnership or assets in ownership shall be terminated within six months of commencement of this Act.