Long Term Insurance Business is defined as insurance business that falls under any of the following classes of business: Life Assurance Business, Pension Business, Permanent Health Insurance Business and Linked Long Term Insurance Business.
For one to be granted a licence, the application form must be accompanied by the following documents:
- A statement of the applicant’s proposed insurance business, including details of the insurance business to be conducted;
- Details of the substantial shareholders (as defined under the Second Schedule of the Act), or any other person being proposed as an officer of the insurance company;
- A business plan attached to a feasibility study which should be conducted by a certified actuary;
- Any other documents that the Financial Services Commission may deem necessary; and
- The prescribed fee of Rs 75,000 being the registration fee and Rs 100,000 being the annual fee.