1. The validity of this License shall expire on the date specified overleaf or on the date the licensee ceases to remain incorporated in the Autonomous Island of Anjouan, UNION OF COMOROS whichever is earlier, unless the License is revoked earlier

2. This License is subject to any variations of the “Government Notice of 006 OF 2005

3. The objects and purposes of the Company is to offer insurance and reinsurance services under the specific class of insurance as specified in the Insurance and reinsurance Regulations.

4. The License shall ipso facto and without any prior notice stand cancelled, if any of the following events take place:

1. 1. The Company shall engage in any activity that is prohibited by or contrary to any enactment or rule of law for the time being in force in the Autonomous Island of Anjouan, Union of Comoros

1. 2. The Company is an International Business Company and accordingly shall not, except as may be permitted by its approved Constitution:

1. 1. • Carry on business in the Autonomous Island of Anjouan, Union of Comoros or own an interest in immovable property situation in the Autonomous Island of Anjouan, Union of Comoros other than a lease of premises from which to carry on its business;
      • Carry on banking, gambling, Brokerage or any other business without a specific License;
      • At any time have less than one member;
      • Make any invitation to the public to subscribe for any shares or debentures in the Company.

5. For the purposes of subparagraph (2) (a) the Company shall not be treated as carrying a business in the Union of Comoros by reason only that it:
   • Carries on business with another company incorporated under the Act or in furtherance of the business of the Company carried on outside the Autonomous Island of Anjouan, Union of Comoros;
   • Leases premises from which to carry on its business as permitted by the Act;
   • Obtains professional services from its registered agent, counsel, attorneys, accountants, bookkeepers, trust companies, management companies, investment advisers, insurance brokers or agents or other similar persons carrying on business within the Autonomous Island of Anjouan;
   • Prepares or maintains its books or records within the Autonomous Island of Anjouan, Union of Comoros;
   • Holds meetings within the Autonomous Island of Anjouan, Union of Comoros of its directors or members;
   • Holds shares, debt obligations or other securities, in a company incorporated under the Act;
   • Issues shares, debt obligations or other securities in a company incorporated under the Act or under the Companies Act.

(d ) If the renewal payment is not received on the due date the license will be cancelled

5. The persons conducting the business of the insurance company shall hold themselves personally, jointly and severally liable for all the acts or commissions, irregularities and violations committed by them after such cancellation.