The Insurance Act, 2005 - Bahamas Financial Services Board
The Insurance Act, 2005 - Bahamas Financial Services Board
The Insurance Act, 2005 - Bahamas Financial Services Board
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
-32-<br />
in that country for at least<br />
five years<br />
before the date of the<br />
application; and<br />
(ii) it has appointed some person<br />
resident in <strong>The</strong> <strong>Bahamas</strong> to be<br />
its principal representative<br />
in <strong>The</strong> <strong>Bahamas</strong> and has<br />
informed the Commission in<br />
writing of the name and<br />
address of that person,<br />
the Commission shall, either unconditionally or subject to<br />
such conditions as it may specify, register the applicant in<br />
respect of the class or classes of insurance business and<br />
shall notify the applicant accordingly.<br />
(2) Where the Commission is not satisfied, in<br />
relation to all or any of the classes of insurance business<br />
in respect of which the application is made, as to one or<br />
more of the conditions set out in subsection (1) it shall<br />
notify the applicant in writing that -<br />
(a) it proposes to refuse to register it; or<br />
(b) that it proposes to refuse to register<br />
it in respect of one or more of the<br />
classes of insurance business for which<br />
application is made,<br />
giving its reasons for so doing and shall notify it of its<br />
rights of appeal to the Commission for reconsideration and<br />
under section 228.<br />
Certificate 29. <strong>The</strong> Commission shall furnish to every<br />
of regis- insurer registered under this <strong>Act</strong> a certificate in the<br />
tration. prescribed form that the company has been so registered, and<br />
the certificate shall state the class or classes of
Change language