Section 32, The Insurance Act, 2016

(1) An insurer who has been granted a certificate ofregistration shall apply for the renewal of its certificate sixty days before it expires. (2) An application under this section shall– (a) be made to the Commissioner in the prescribed form; and (b) be accompanied by such documents, information and fee as may be prescribed. (3) The Commissioner shall on fulfilment by an insurer of the requirements of this section renew the registration and grant a certificate of registration. (4) Where the insurer fails to apply for renewal of registration at the expiration of the period specified in subsection (1), the Commissioner may accept an application for renewal of the registration made later, on receipt from the insurer of the prescribed fee and such penalty not exceeding the prescribed fee as the Commission may determine. (5) Subject to subsection (4), where an insurer fails to apply for a renewal of a registration within the period provided in subsection (1), it shall be deemed to have applied for the cancellation of its registration.