The Insurance Act, 2005 - Bahamas Financial Services Board

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-18- PART II INSURANCE COMMISSION Establish- 4. (1) There is hereby established for the purposes ment of the of this Act a body corporate to be known as the Insurance Insurance Commission of The Bahamas. Commission. (2) The Commission shall be a body corporate having perpetual succession and a common seal, with power to purchase, lease or otherwise acquire and hold and dispose of land and other property of whatsoever kind. (3) The Commission may sue and be sued in its corporate name and may for all purposes be described by such name, and service upon the Commission of any document of whatsoever kind shall be made by delivering the document to, or sending it by registered post addressed to, the Superintendent at the office of the Commission. First (4) The First Schedule shall have effect Schedule. with respect to the Commission, its members and staff. Seal 5. (1) The seal of the Commission shall be of the kept in the custody of any officer of the Commission as Commission. the Commission may approve, and may be affixed to instruments pursuant to a resolution of the Commission and in the presence of the Superintendent or the Deputy Superintendent and one other officer. (2) The seal of the Commission shall be authenticated by the signature of the Superintendent or Deputy Superintendent and one other officer, and the seal shall be officially and judicially noticed. (3) All documents, other than those required by law to be under seal, made by, and all decisions of the Commission may be signified under the hand of the Superintendent or Deputy Superintendent.
-19- Commission 6. The Commission may open accounts for, may open accept deposits from, and collect moneys for or on accounts. account of the Government or any company or insurance intermediary. Property 7. The Commission shall be exempt from tax Tax under the Real Property Tax Act. Exemption. Ch.375. Functions 8. (1) The functions of the Commission shall be - and powers (a) to supervise compliance with the of the provisions of this Act; Commission. (b) to maintain surveillance over the insurance market; (c) to promote and encourage sound and prudent insurance management and business practices; (d) to advise the Minister responsible for insurance matters regarding the insurance market; (e) to ensure that the provisions of the Ch.368. Financial Transactions Reporting Act, and other anti-money laundering legislation are being complied with; and (f) to do such other things as may be prescribed by this Act or any other written law. (2) The Commission shall have power to do anything which is calculated to facilitate or is incidental or conducive to the proper discharge of its functions under subsection (1) and in particular shall have power to - (a) impose any condition, limitation or restriction on companies or
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 and 16: -15- existence or has ceased to exi
Page 17: -17- Ch.308. as prescribed in the r
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
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-69- (d) (e) (f) (g) policyholder,
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-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
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-79- court directs, shall, on a dat
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-81- such place as the Commission d
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-83- (6) Where a company is a paren
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-85- the first instance, in the dis
Page 87 and 88:
-87- Company to 94. Prior to the su
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-89- approval or with respect to th
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-91- dissolved. (2) Upon the compan
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-93- subsection (3) shall discharge
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-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
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-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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