Section 102, The Insurance Act, 2016

(1) After the expiry of three months from thecommencement of this Act, no person other than an insurer registered under this Act or the holder of a licence under sections 73 and 79 shall have or use the word insurance or assurance or any derivative in the name under which such person is carrying on business. (2) No holder of a licence under sections 73 and 79 shall use any words as part of his business name which indicate that he is an insurer.