The Insurance Act, 2005 - Bahamas Financial Services Board

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(a) in a financial institution approved by
the Commission; and
(b) under an appropriate name in respect of
each class of insurance business
referred to in subsection (1).
(4) Every foreign company carrying on long-term
insurance business in The Bahamas shall place in trust in
The Bahamas assets equal to its liability and contingency
reserves with respect to its policyholders in The Bahamas as
established by the balance sheet of the company as at the
end of its last financial year.
(5) Every foreign company carrying on general
insurance business in The Bahamas shall place in trust in
The Bahamas assets equal to its liabilities and reserves
less the amount deposited on account of the business
pursuant to section 43(1) with respect to its policyholders
in The Bahamas as established by the revenue account of the
company as at the end of its last financial year.
(6) Assets required to be placed in trust
pursuant to subsections (4) and (5) shall be so placed not
more than four months after the end of the financial year to
which the balance sheet or the revenue account, as the case
may be, of the company relates.
(7) For the purposes of computing the liability
referred to in subsections(4) and (5), no account shall be
taken of the liability of the company to its shareholders.
Restric- 46. (1) Subject to subsections (2) and (3), the
tion on use assets representing each statutory fund of a company
of assets shall not be applied directly or indirectly to any class
representing of business other than that in respect of which the fund
statutory was established and is being maintained.
funds. (2) Where the value of the assets mentioned in