Approval of insurance company
3.  The Minister or such person as he may appoint may, upon application by any insurance company registered under the Insurance Act [Cap. 142] to carry on general insurance business only and if he considers it expedient in the public interest to do so, approve the insurance company for the purposes of these Regulations where —
(a)the insurance company has on 5th May 1995 been carrying on offshore general insurance business and the application is made not later than 31st December 1995; or
(b)the insurance company commences to carry on offshore general insurance business after 5th May 1995 and the application is made within 3 months after the date of commencement of such business.