The Insurance Act, 2005 - Bahamas Financial Services Board

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ments to of a registered insurer shall be made in the company’s
be made in name.
corporate
(2) The involvement of directors or officers of
name.
the company over the investment or disposition of the
funds of the company shall be as prescribed by regulations.
(3) Nothing in this section shall be construed
as precluding a local company from making in the name of or
transferring or assigning to another person or company the
investments and deposits necessary to comply with the laws
of any state or country where -
(a) the local company transacts or is about
to transact insurance business in that
state or country; and
(b) the laws of the state or country require
that the investments and deposits be
made in the name of or be transferred or
assigned to any person or company other
than the local company.
(4) In this section “funds” means all funds of a
company.
Prohibi- 54. (1) A local company shall not, without the prior
tions approval of the Commission, directly or indirectly -
relating (a) acquire or deal in its own shares or
to
lend money or make advances on the
acquisition
security of its own shares;
of shares
(b) lend any of its funds to a related
and loans.
party i.e., the parent or an entity
within the parent group;
(c) lend any of its funds to a director or
an officer of the company or to a wife
or a child of a director or an officer
except on the security of the company’s