The Insurance Act, 2005 - Bahamas Financial Services Board

-34-
therefor pursuant to the powers contained in sections 33 and
34.
Restriction 31. Without prior approval of the Commission -
on re-
(a) no registered insurer shall cause
insurance
itself to be reinsured in respect of
with
risk; and
affiliate.
(b) no registered foreign insurer shall
cause itself to be reinsured in
respect of risks in The Bahamas,
by an affiliate of the registered insurer that is not itself
a registered insurer.
Restrictions 32. Additional restrictions may be imposed by
may be
regulations or by directive of the Commission on the
imposed by extent to which -
regulations.
(a) a registered insurer may cause itself
to be reinsured against risks; and
(b) a registered foreign insurer may cause
itself to be reinsured against risks in
The Bahamas.
Suspension 33. (1) Subject to subsection (2), the Commission
of regis- may suspend the registration of a company in respect of
tration. all or any of the classes of business in relation to which
it is registered, if it is satisfied that the company is in
breach of any provision of this Act in circumstances where
the breach would constitute a ground for cancellation as
specified in section 34.
(2) Before taking action under subsection (1) the
Commission shall notify the company concerned of its
intention to suspend the company’s registration giving
reasons therefor and requiring the company to take such
action as is specified in the notice to remedy the breach
within the time so specified.