The Insurance Act, 2005 - Bahamas Financial Services Board

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-16- (i) accident insurance business, (ii) liability insurance business, (iii) marine, aviation and transport insurance business, (iv) motor vehicle insurance business, (v) pecuniary loss insurance business, (vi) property insurance business; (b) long-term insurance business namely - (i) industrial life insurance business, (ii) ordinary life insurance business, (iii) variable life insurance business, (iv) sickness or health insurance business, including group health, (v) pension fund management, (vi) annuities; (vii) variable annuity business; (c) all other classes of insurance not specified in (a) and (b) above and including but not limited to medical service plans, hospital service plans, health maintenance organizations, prepaid limited health care service plans, dental, optometry and other similar health service plans. (2) Definitions of the classes of general and long-term insurance business pursuant to subsection (1) are
-17- Ch.308. as prescribed in the regulations. (3) A body corporate incorporated under the Companies Act which carries on insurance business of a class specified in subsection (1) in any jurisdiction other than The Bahamas shall, for the purposes of this Act, be deemed to be a company carrying on that business within The Bahamas. (4) For the purposes of this Act, the reinsurance of liabilities under insurance policies shall be treated as insurance business of the class and type to which the policies would have belonged if they had been issued by the reinsurer, and all the provisions of this Act shall apply to the reinsurance save that a company or an association of underwriters carrying on the reinsurance shall not be required to make in respect of the reinsurance any deposit as required by section 43, 120, or 141. (5) Part III shall not apply to associations of underwriters. (6) This Act shall not apply to any organisation which is registered under the enactments relating to the National Insurance Board, to friendly societies, or to Trade Unions. (7) This Act shall not apply to a person registered pursuant to the External Insurance Act to carry on external insurance business in The Bahamas, in respect of such business.
Page 1 and 2: AN ACT TO REVISE THE LAW REGULATING
Page 3 and 4: -3- Ch.178. particular person, in e
Page 5 and 6: -5- Ch.351. title, in any language
Page 7 and 8: -7- (e) reinsurance business; and (
Page 9 and 10: -9- notified to the Commission in a
Page 11 and 12: -11- The Bahamas by the authority i
Page 13 and 14: -13- performed in The Bahamas; (xii
Page 15: -15- existence or has ceased to exi
Page 19 and 20: -19- Commission 6. The Commission m
Page 21 and 22: -21- (i) treat insurance business o
Page 23 and 24: -23- Advances 12. (1) Subject to su
Page 25 and 26: -25- for any financial year over th
Page 27 and 28: -27- performance or intended or sup
Page 29 and 30: -29- individual, to a fine not exce
Page 31 and 32: -31- (d) the name of the applicant
Page 33 and 34: -33- insurance business for which i
Page 35 and 36: -35- (3) Where a company fails to c
Page 37 and 38: -37- not, within two years of its r
Page 39 and 40: -39- registration certificate or an
Page 41 and 42: -41- companies. (2) The Commission
Page 43 and 44: -43- subsection (1) is shown on an
Page 45 and 46: -45- particulars. unsatisfactory, i
Page 47 and 48: -47- own policies or some other ade
Page 49 and 50: -49- service of process on behalf o
Page 51 and 52: -51- certificate that the value of
Page 53 and 54: -53- year. (11) The requirements of
Page 55 and 56: -55- premiums received on all local
Page 57 and 58: -57- TRANSFER, SALE MERGER OF AN IN
Page 59 and 60: -59- of the agreement under which t
Page 61 and 62: -61- (b) not less than fourteen day
Page 63 and 64: -63- laws of the companies, and the
Page 65 and 66: -65- regulations, or any directives
Page 67 and 68:
-67- search of information on oath
Page 69 and 70:
-69- (d) (e) (f) (g) policyholder,
Page 71 and 72:
-71- on further disclosures which s
Page 73 and 74:
-73- foregoing, directions prohibit
Page 75 and 76:
-75- (b) the interest of the policy
Page 77 and 78:
-77- (a) is being wound-up in that
Page 79 and 80:
-79- court directs, shall, on a dat
Page 81 and 82:
-81- such place as the Commission d
Page 83 and 84:
-83- (6) Where a company is a paren
Page 85 and 86:
-85- the first instance, in the dis
Page 87 and 88:
-87- Company to 94. Prior to the su
Page 89 and 90:
-89- approval or with respect to th
Page 91 and 92:
-91- dissolved. (2) Upon the compan
Page 93 and 94:
-93- subsection (3) shall discharge
Page 95 and 96:
-95- for regis- enquiry or by the p
Page 97 and 98:
-97- mation (a) in the case of an a
Page 99 and 100:
-99- character or are not fit and p
Page 101 and 102:
-101- insurance other than a body c
Page 103 and 104:
-103- as a salesperson unless the l
Page 105 and 106:
-105- executed the agreement except
Page 107 and 108:
-107- each of the partners, and/or
Page 109 and 110:
-109- (c) in the case of the regist
Page 111 and 112:
-111- (iv) (v) (vi) (vii) (viii) it
Page 113 and 114:
-113- tration. the insurance interm
Page 115 and 116:
-115- agent, sub-agent, or broker.
Page 117 and 118:
-117- Grant of 137. (1) No insurer,
Page 119 and 120:
-119- deposits by shall make availa
Page 121 and 122:
-121- respect of any class of polic
Page 123 and 124:
-123- other periods not to exceed t
Page 125 and 126:
-125- Period 150. (1) Where a premi
Page 127 and 128:
-127- variation, as the amount of t
Page 129 and 130:
-129- (b) insurance money payable,
Page 131 and 132:
-131- beneficiary, alter or revoke
Page 133 and 134:
-133- then, they are entitled to th
Page 135 and 136:
-135- deemed to be the policyholder
Page 137 and 138:
-137- PROTECTION OF POLICIES Intere
Page 139 and 140:
-139- of ordinary in this section r
Page 141 and 142:
-141- forfeited by reason of the no
Page 143 and 144:
-143- cases. dollars to any person
Page 145 and 146:
-145- Power to 181. (1) Subject to
Page 147 and 148:
-147- satisfied as to the identity
Page 149 and 150:
-149- security for money owing to t
Page 151 and 152:
-151- (4) Where a premium receipt b
Page 153 and 154:
-153- PROVISIONS RELATING TO VARIAB
Page 155 and 156:
-155- (b) (c) (d) policy are to be
Page 157 and 158:
-157- authorised by this Act. Submi
Page 159 and 160:
-159- assets of separate account. t
Page 161 and 162:
-161- (b) upon such terms and condi
Page 163 and 164:
-163- Cancellation 205. (1) No loca
Page 165 and 166:
-165- Form of 210. Any record requi
Page 167 and 168:
-167- policy. (7) Where the holder
Page 169 and 170:
-169- prevent a company and a perso
Page 171 and 172:
-171- Documents 223. Every document
Page 173 and 174:
-173- (b) an insurance company, an
Page 175 and 176:
-175- Technical 232. No company, as
Page 177 and 178:
-177- specified in the order, such
Page 179 and 180:
-179- exceeding ten thousand dollar
Page 181 and 182:
-181- within or outside The Bahamas
Page 183 and 184:
-183- to have wide experience in, a
Page 185 and 186:
-185- case at least once every mont
Page 187 and 188:
-187- revoke the appointment of the
Page 189 and 190:
-189- PROVISIONS RELATING TO DEPOSI
Page 191 and 192:
-191- (b) (c) until all his outstan
Page 193 and 194:
-193-
Page 195:
-195-
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The Insurance Act, 2005 - Bahamas Financial Services Board

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