The Insurance Act, 2005 - Bahamas Financial Services Board

-44-
prescribed.
(2) For the purposes of this section, the assets
required to be placed in trust are to be held by a licensed
financial institution in The Bahamas and approved by the
Commission.
(3) The assets required to be vested in
trust shall be valued at an amount which shall not exceed
the total of their book values less an investment
valuation reserve in such amount as may be prescribed or on
the directive of the Commission.
(4) Notwithstanding anything to the contrary
contained in this Act the Commission may determine the value
at which assets shall be accepted for the purposes of this
Act.
Obligation 48. A trustee shall submit to the Commission
to submit in such form and at such times as may be prescribed, a
list of list of the assets held in trust by him pursuant to section
assets. 47.
Company to 49. A company shall, within three months after
furnish the date on which it established its statutory fund and
particulars there-after within four months of the expiration of its
of liabi- financial year, furnish to the Commission a statement in
lities and the prescribed form showing -
assets with (a) particulars of the liabilities of
respect to
the company in respect of which the
fund.
fund is established, as at the date of
the establishment of the fund; and
(b) particulars of the assets comprising the
fund.
Inaccurate 50. (1) Where it appears to the Commission that -
or mis- (a) a statement furnished to it under
leading
section 49 is in any respect