The Insurance Act, 2005 - Bahamas Financial Services Board

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contravenes paragraph (b) of subsection (1) is liable at the
instance of an aggrieved party to make good any loss
occasioned by the contravention.
Dividend 55. No dividend or return of capital shall be
not to
paid by any company without the prior consent in writing
impair
of the Commission at any time while its assets are less
capital. than the amount required for solvency by section 78 nor
shall any dividend be paid that would reduce its assets
below the same amount or impair its capital.
Administrative and accounting
requirements
for insurance companies
Insurance 56. (1) Every insurer registered under this
companies Act shall maintain a principal office in The Bahamas and
to maintain shall appoint with the consent of the Commission some
principal person resident in The Bahamas and qualified in the
office and class or classes of insurance business for which it is
appoint registered to be its principal representative in The
principal Bahamas.
represen- (2) Every registered insurer shall notify the
tative. Commission in writing of the address of its principal
office and of the name and qualifications of its principal
representative.
(3) Where a company changes the address in The
Bahamas of its principal office or appoints a new principal
representative, it shall, within twenty-one days of the
change or appointment, give written notice thereof to the
Commission.
(4) The principal representative shall accept