According to The-insurance-act-revised-2020, Section 113(1),
Where two or more insurers, at least one of whom is registered under this Act, intend to amalgamate; or (b) an insurer intends to transfer insurance business of any class to another insurer and at least one of those insurers is registered under this Act, both the insurers jointly in the former case, and the transferor in the latter case, shall apply to the Authority, for his approval of the amalgamation or transfer, as the case may be.
An application to amalgamate or transfer insurance business shall be accompanied by—
(a) The draft of the document under which the proposed amalgamation or transfer is to take effect;
(b) Audited accounts and balance sheets of both insurers as on the date of the proposed amalgamation or transfer;
(c) Any other report or document on which the proposed amalgamation or transfer is founded or prepared as at the date of the proposed amalgamation or transfer, as the case may be;
(d) Actuarial reports and abstracts in respect of long term insurance business of both the insurers, such reports and abstracts of the transferor, prepared in conformity with the provisions of section 115, as read with the requirements prescribed in the regulations as at the date of the proposed amalgamation or transfer, as the case may be.