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85. (a) A company or cooperative society incorporated in Israel which immediately before the Day of the coming into force of this Law (hereinafter referred to as “the Commencement Date”) lawfully carried on business as an Insurer will be entitled to an Israeli Insurer's licence.

(b) A foreign body corporate registered in Israel which immediately before the Commencement Date lawfully carried on business in Israel as an Insurer will be entitled to a foreign Insurer's licence.

(c) An individual who immediately before the Commencement Date lawfully carried on business as an Insurance Broker will be entitled to an individual Broker's licence.

(d) A body corporate which immediately before the Commencement Date lawfully carried on business in Israel as an Insurance Broker will be entitled to a corporate Broker's licence.

86. (a) A non-resident who immediately before the Commencement Date carried on Insurance business in Israel and, under section 14 of the Insurance Business (Control) Law 1951 (hereinafter referred to as "the Previous Law"), was exempt from the whole or part of the provisions of the previous Law will be entitled to a similar exemption from the provisions of this Law.

(b) The Minister of Finance may, with the approval of the Finance Committee of the Knesset, cancel or attach conditions to the whole or part of an exemption granted under subsection (a), either generally or in respect of a particular matter .

Exemptions

87. (a) A society established under the Ottoman Law of Societies of 1909 (hereinafter referred to as an “Ottoman Society”) which immediately before the Commencement Date lawfully carried on business as an Insurer will be entitled to an Israeli Insurer's licence.

(b) The validity of an Israeli Insurer's licence granted to an Ottoman Society under subsection (a) will lapse upon the expiration of six months from the Commencement Date unless its members incorporate as a company or cooperative society within that period.

(c) Every reference in this Law to a director, a manager or an officer will, in the case of an Ottoman Society, be deemed to be a reference to a person authorised to act on its behalf under its articles.

88. (a) A person who immediately before the Commencement Date held more than ten per cent of a particular category of the means of control of an Insurer, as specified in section 32(a), will be entitled to a permit under that section.

(b) A person who immediately before the Commencement Date controlled an Insurer, as specified in section 32(b), will be entitled to a permit under that section.

89. (a) An Insurance society which under the Insurance Business (Control) (Inapplicability of Provisions of Law) Rules 1963, (hereafter in this chapter referred to as “the Rules”) was, immediately before the Commencement Date, exempt from the provisions of the previous Law as provided in the Rules will be entitled to a permit to continue in Insurance business and the provisions of this Law, except sections 18, 22, 23, 104 and 105, will not apply to it so long as it fulfills the requirements set out in the Second Addendum .

(b) A society as referred to in subsection (a) will submit to the Commissioner-

(1) a notice of every change in its rules within thirty days from the date of registration of the change by the Registrar of Cooperative Societies or from the date of notification thereof to the District Commissioner under the Ottoman Law of Societies, as the case may be;

(2) an annual balance-sheet and a report on the number of members up to the 30th April of every year.

90. A cooperative society the rules of which forbid it to carry on life Insurance business or pension Insurance business and which, under the Rules, was exempt from the provisions of the previous Law will be entitled to a permit to continue in Insurance business and the provisions of Article Three of Chapter Three and section 35 will not apply to it so long as it meets the said condition.

91. For the purposes of section 40, a person entitled to a licence under this chapter will be deemed to have submitted to the Commissioner, under section 16, the Insurance schemes, terms of Insurance, scales of Insurance premium and other payments collected from insured persons, and reinsurance arrangements existing in its or his business at the time of submitting the application for a licence under this chapter.

92. (a) A person entitled to a licence or permit under section 85, 86, 87 or 89 who does not submit an application therefor to the Commissioner within six months after the Commencement Date will be deemed to have waived his right thereto.

(b) The Commissioner may make the issue of a licence or permit under section 85, 86, 87, 88 or 89 subject to conditions similar to those which applied to persons entitled under the previous Law.