The Insurance Act, 2005 - Bahamas Financial Services Board

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applications relative thereto;
“statutory fund” means a fund that a company
is required to maintain pursuant to
section 45;
“sub-agent” means any person appointed by an
agent with the authority of the company
that is the agent’s principal, and not
being an employee of the agent, to
solicit applications for insurance or to
negotiate insurance through that agent;
“technical representative” means an
individual, other than one performing
clerical or non-insurance related
functions, and who is employed by an
insurer, broker or agent, who provides
advice to a policyholder or potential
policyholder on insurance matters, or
negotiates or arranges contracts of
insurance on behalf of an insurer,
broker, or agent;
“underwriting liabilities”, in relation to a
member of an association of
underwriters, means the liabilities of
the insurance business of the member
calculated in accordance with formulae
fixed by the governing body of the
association and approved -
(a) in the case of an association
constituted in The Bahamas, by the
Minister; and
(b) in the case of an association
constituted in a country outside