The Insurance Act, 2005 - Bahamas Financial Services Board

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insurance classes specified in subsection (1) of section 3 unless -
business. (a) the Commission is satisfied that the
articles of the company restrict it to
the carrying on of insurance business
solely;
(b) it is registered by the Commission under
this Act in respect of that class of
insurance business;
(c) it has made the deposit required by
section 43 and established the statutory
fund required by section 45 in respect
thereof; and
(d) in the case of a foreign company, it has
filed with the Commission the names and
addresses of one or more persons
resident in The Bahamas and authorised
to accept on behalf of the company
service of process in any legal
proceedings.
(2) Any person who contravenes section 22 of this
Act is guilty of an offence and is liable on summary
conviction -
(a) in the case of an individual, to a fine
not exceeding one hundred thousand
dollars or to imprisonment for two years
or to both and, in the case of a
continuing offence, to a further penalty
of one thousand five hundred dollars for
each day on which the offence is
continued after the conviction thereof;
and
(b) in the case of a person who is not an