Companies, bodies or organizations underwriting short term insurance business, who are registered Insurers or Professional Reinsurers in terms of the Insurance Act Chapter 24:07 (or any successor Act), or who have been specifically exempted from registration by the Insurance and Pension Commission (or any successor thereof), shall be invited to become Members of Council.
Applicants for Membership shall apply in writing to the Secretary giving such details as the Executive Committee may from time to time require. In the event that the Executive Committee are not satisfied with the details provided it shall reject the application. Subject to acceptance by the Executive Committee the Secretary shall confirm admission to the applicant and to Members.
On admission as a Member, an applicant shall pay the Council the membership and subscription fees as prescribed from time to time. If an applicant fails to pay these within one month of due date then membership shall ipso facto cease.
If any Member of the Council shall for any reason whatsoever cease to be a registered Insurer or Professional Reinsurer in terms of the Insurance Act Chapter 24:07 such Membership shall ipso facto cease.