The Insurance Act, 2005 - Bahamas Financial Services Board

-30-
carrying on in The Bahamas immediately before the commencement of this
insurance Act shall, within two years increase its paid-up share
business capital, or in the case of a mutual company increase
before the its uncommitted reserves, to the prescribed amount.
commence- (2) A company which immediately before the
ment of commencement of this Act is registered to carry on insurance
this Act. business shall, in accordance with section 27, apply for
registration to the Commission which shall, if satisfied
that the conditions for registration specified in section 28
have been met, register the company within three months
after the receipt of the application.
Application 27. (1) An application for registration under this
for regis- Part shall be made to the Commission in the prescribed
tration. form and shall be accompanied by evidence of payment of the
prescribed fee and by such documents as may be prescribed or
as may be required by this Act.
(2) The Commission may, upon receipt of an
application under this section, request the applicant to
furnish such additional information as it may consider to be
relevant in relation to the application and the applicant
shall comply with the request.
Conditions 28. (1) Where the Commission, after appropriate
for regis- enquiry or by the production of documentary evidence or
tration. both, is satisfied in respect of the applicant that -
(a) the requirements of sections 22, 25 and
27, in so far as they are applicable,
have been complied with;
(b) the applicant is solvent under the
provisions of section 78;
(c) the applicant is likely to be able to
comply with such of the provisions of
this Act as would be applicable to it;