(1)Where the Board is satisfied that any company making an application for registration under section 14 has complied with the provision of section 13 of this Act, and where an investigation is conducted under subsection (3) of section 14, the Board is satisfied regarding the suitability of the applicant to be registered, the Board shall register such company as an insurer and shall issue to the insurer a licence in which shall be specified the class, and where necessary the sub-class of insurance business, which such insurer is authorized to carry on.