The Insurance Act, 2005 - Bahamas Financial Services Board

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“foreign company” means an insurance company
incorporated or established outside The
Bahamas;
“general insurance business” means insurance
business of any class specified in
paragraph (a) of subsection (1) of
section 3;
“industrial policy” means a policy in
respect of which the premiums are
contracted to be paid at intervals of
less than two months and are contracted
to be received or are usually received
by means of collectors, and includes -
(a) a policy that has at any time been
such a policy; and
(b) a paid up policy, not being a
policy expressed to be a nonindustrial
policy, granted in lieu
of an industrial policy or of a
policy referred to in paragraph
(a);
“insurance business” means -
(a) the assumption of the obligations of a
company in any class of insurance
business;
(b) the assumption of the business of
insuring risk or liabilities;
(c) the renewal and issuing of documents of
renewal of existing insurances and
liabilities;
(d) the receiving of first, subsequent or
renewal premiums including reinsurance;