The Insurance Act, 2005 - Bahamas Financial Services Board

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towards the applicant in relation to the insurance contract
concerned or its replacement.
Duty of 42. (1) Every company registered under this Act to
company carry on any class of insurance business shall, at least
to furnish two months prior to the date of the issue of a new form
commission of policy or of the use of a standard form of endorsement
with form or of a form of application for a policy, furnish the
of
Commission with copy of the standard form of policy or of
application, the standard form of endorsement or of the form of
form of application.
policy
(2) The Commission may prohibit a company
or form of issuing or using a new form of policy, a standard form of
endorsement. endorsement or a form of application for a policy the issue
of which, in its opinion, is fraudulent, unjust or not in
the public interest.
(3) A company which continues to issue or use a
form of policy, a standard form of endorsement or a form
of application for a policy the issue or use of which is
prohibited by the Commission under subsection (2) is guilty
of an offence.
(4) Approval of the Commission may be deemed
sixty days after filing if no response is received. However,
where approval is deemed to have been given, it may be
rescinded for cause.
Deposits by Insurance Companies
Amount and 43. (1) A company may not be registered under
form of this Act to carry on, and may not carry on, any class of
deposit insurance business unless it has deposited with the
by all
Commission the prescribed deposit.