Licensing of branch offices of insurers
[3E. (1) No insurer shall, after the expiry of six months from the commencement of the Insurance (Amendment) Ordinance, 1970, transact any business at any of his branches or offices, other than the head office, unless he has obtained a licence from the Chief Controller of Insurance for each such branch or office; and the Chief Controller of Insurance shall, upon an application made in this behalf and payment of the prescribed fee, grant such licence.
(2) No insurer shall, after the commencement of the Insurance (Amendment) Ordinance, 1970, open a new branch or office unless he has obtained a licence for such branch or office from the Chief Controller of Insurance.
(3) Application for a licence under sub-section (1) or sub-section (2) shall be made in the prescribed form and shall be accompanied by a prescribed fee which shall not be more than [twenty-thousand Taka].
(4) The Chief Controller of Insurance may, for reasons to be recorded in writing, refuse a licence under sub-section (2) to open a new branch or office and, if he so refuses, shall
communicate his decision in writing to the applicant within six weeks from the date of the application.
(5) An insurer to whom a licence to open a new branch or office has been refused by the Chief Controller may prefer an appeal against the refusal to the Government whose decision on such appeal shall be final.
(6) Where a licence to open a new branch or office has been refused, no fresh application for a licence to open such branch or office shall be entertained within a period of one year from such refusal.