Every assurance licence shall -
(a) be in the prescribed form, and
(b) if granted to an assurance company, state the name of such assurance company, and if granted to a syndicate, state the names and the addresses of the members constituting such syndicate, and
(c) state the class or classes of assurance business which may be carried on by such assurance company or syndicate (as the case may be), and
(d) be expressed and operate to authorise such assurance company or syndicate (as the case may be) to carry on the class or classes of assurance business stated in such licence, and
(e) be and be expressed to be granted subject to the provisions of this Act.