The Insurance Act, 2005 - Bahamas Financial Services Board

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unreasonable delay in the payment or
settlement of any claim arising under
any policy issued by it;
(f) a final judgment has been obtained
against the company in a court in The
Bahamas and remains unsatisfied for more
than one month;
(g) the company has failed to remedy a
breach of this Act, or failed to comply
with any condition, direction or
requirement imposed under this Act by
the Commission.
(3) Where a company is under any liability in
respect of policies belonging to any class of insurance
business, the Commission shall not cancel the company’s
registration in respect of that class unless it is satisfied
that adequate provision has been or will be made for that
liability and that adequate arrangements will exist for
payment of premiums and claims on those policies.
Implemen- 35. Where a company has been notified
tation of under subsection (2) of section 28 or under subsection (1)
proposal of section 34 of its right to request the Commission to
to refuse reconsider and the company having made a request the result
register or of the review is the confirmation, with or without
to cancel variation, of the Commission’s proposal, then, subject
registra- to any such variation, the Commission shall give effect to
tion.
the proposal and notify the company in writing accordingly.
Summary 36. The Commission may at any time cancel the
cancel- registration under this Act of a company where -
lation of (a) proceedings for its winding-up have
registra-
commenced;
tion. (b) it is satisfied that the company has