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5. Restriction on name of insurer.- (1) An insurer shall not be registered by a name identical with that by which an insurer in existence is already registered, or so nearly resembling that name as to be 24 calculated to deceive except when the insurer in existence is in the course of being dissolved and signifies his consent to the 1[Authority], (2) If an insurer, through inadvertence or otherwise, is without such consent as aforesaid registered by a name identical with that by which an insurer already in existence whether previously registered or not is carrying on business or so nearly resembling it as to be calculated to deceive, the first-mentioned insurer shall, if called upon to do so by the 1[Authority] on the application of the second-mentioned insurer, change his name within a time to be fixed by the 1[Authority]: 1. Ins. by Act 20 of 1940, s. 3. 2. Subs. by Act 6 of 1946, s. 3, for certain words (w.e.f. 20-3-1946). 3. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000). 4. Ins. by s. 30 and the First Schedule, ibid. (w.e.f. 19-4-2000). 5. Sub-section (6) omitted by Act 32 of 1965, s. 2 (w.e.f. 29-9-1965). 6. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for sub-section (7) (19-4-2000). 7. Subs. by Act 5 of 2015, s. 7, for section 3A (w.e.f. 26-12-2014). 8. Ins. by Act 6 of 1946, s. 4 (w.e.f. 20-3-1946). 9. Subs. by Act 5 of 2015, s. 8, for section 4 (w.e.f. 26-12-2014).    |
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