Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697627986346.pdf (Antigua and Barbuda)
ANTIGUA AND BARBUDA INSURANCE (SUPERVISION AND COMPLIANCE) REGULATIONS 2019 STATUTORY INSTRUMENT 2019, No.

66 [Published in the Official Gazette Vol.

XXXIX No.

88 dated 27th December, 2019.]

________ Printed at the Government Printing Office, Antigua and Barbuda, by Noel F. Abraham, Acting Government Printer — By Authority, 2020.

300—1.20 [Price $19.75] Insurance (Supervision and Compliance) Regulations, 2019.

2 2019, No.

66 2019, No.

66 3 Insurance (Supervision and Compliance) Regulation, 2019.
ANTIGUA AND BARBUDA INSURANCE (SUPERVISION AND COMPLIANCE) REGULATIONS, 2019 ARRANGEMENT 1.

Citation ..................................................................................................................................... 4 2.

3.
3.

Interpretation ............................................................................................................................ 4 Powers of the Superintendent................................................................................................... 4 4.

Certificates ............................................................................................................................... 5 5.
Certificate Fees ........................................................................................................................ 5 6.

Competency Standards ............................................................................................................. 5 7.

8.
8.

Intermediaries .......................................................................................................................... 6 Fit and proper test for intermediary.......................................................................................... 6 9.

Multiple registrations ............................................................................................................... 7 10.
Application for Registration by Insurance company ................................................................ 7 11.

Application for registration as an insurance agent, insurance broker or sales representative .. 9 12.

Application for renewal of registration as an insurance agent, insurance broker or sales representative………………………………………………………………………………...11 13.

Application for registration of an insurance adjuster by a company ...................................... 11 14.
Temporary Registration of Insurance Adjuster ...................................................................... 12 15.

Notice of termination of agency, broker or sales representative ............................................ 13 16.

Administrative Penalties ........................................................................................................ 13 17.
Refund of deposits ................................................................................................................. 13 18.

Trust Deed .............................................................................................................................. 13 19.

Obligations of the Board of an Insurance Company .............................................................. 13 20.
Market Conduct ..................................................................................................................... 14 21.

Annual Attestation on Beneficial Ownership and Control ..................................................... 14 Insurance (Supervision and Compliance) Regulations, 2019.

4 2019, No.

66 ANTIGUA AND BARBUDA INSURANCE (SUPERIVISION AND COMPLIANCE) REGULATIONS, 2019 2019, No.
66 THE INSURANCE (SUPERVISION AND COMPLIANCE) REGULATIONS 2019 made by the Minister in exercise of the powers contained in section 217 of the Insurance Act, 2007 No.

13 of 2007 1.

Citation These Regulations may be cited as the Insurance (Supervision and Compliance) Regulations, 2019.

2.

Interpretation (1) In these Regulations, unless the context otherwise requires – “Act” means the Insurance Act 2007, No.

13 of 2007.
13 of 2007.

(2) Unless expressly provided within these Regulations, the words and phrases defined in section 2 of the Act shall carry the same meaning in these Regulations.

3.
Powers of the Superintendent The Superintendent shall have the authority to - (a) (b) (c) (d) require registration of any person seeking to carry on business as insurance intermediaries; require registration of any person who engages in any activity that is the same or substantially the same as insurance intermediaries; issue a cease and desist order to any person operating outside the scope of the Act or these Regulations; require a licensee or registrant under the Act to supply information or give explanation of any payment made to any persons within Antigua and Barbuda; 2019, No.
66 5 Insurance (Supervision and Compliance) Regulation, 2019.
(e) establish and issue guidelines for basic education and training standards for all persons carrying on business as an insurance intermediary and for persons employed with an insurance intermediary; (f) establish and issue guidelines for proper market conduct; (g) examine every location declared a registered office of an insurance company; (h) issued directives from time to time; (i) refuse, suspend or revoke registration of an intermediary; and (j) direct the termination of a contract between an insurer and an intermediary where it is in the interest of the public so to do.
4.

Certificates (1) The Superintendent shall have the sole legal authority to issue certificates or copies of certificates of licenses or registration to carry on insurance business under the Act.

(2) A certificate issued by the Superintendent of Insurance shall not be valid unless it contains the seal of the Commission and is signed by the Superintendent of Insurance and the Chief Executive Officer of the Commission.

5.
5.

Certificate Fees (1) A person licensed or registered under the Act to carry on insurance business shall be granted one original certificate, without charge.

(2) A fee of Three Hundred Eastern Caribbean Dollars ($300.00) will be charged for any replacement copy or additional copies of the original certificate issued by the Superintendent.

6.
6.

Competency Standards (1) Any insurance intermediary engaged in selling or providing sales advice on insurance products and services shall have the requisite insurance knowledge and skill.

(2) For the purpose of this section “competency standards” means the minimum professional knowledge and skill, based on international standards and best practices, a licensee must have in order to be licensed by the Commission.
(3) The competency standards for insurance intermediary are set out in guidelines issued from time to time in accordance with regulation 3(e).

(4) An insurance intermediary is to engage in continuous professional development to maintain competency standards.

Insurance (Supervision and Compliance) Regulations, 2019.

6 2019, No.

66 7.

Intermediaries (1) The name of the registered intermediary must be clearly displayed on the outside of all its offices, advertisements and communications.
(2) An insurance intermediary must seek and obtain approval under section 17 of the Act to establish another office other than its principal registered office.

(3) An intermediary must maintain the records, documents, accounts and funds relating to its insurance business separate and distinct from those of any other business carried on by the registrant.
(4) An intermediary carrying on business other than insurance business must have assigned staff who shall be subjected to the fit and proper test and the competency standards test.

8.
Fit and proper test for intermediary Every person who intends to register as an intermediary or is an employee of an entity registered as an intermediary must meet the fit and proper requirements below- (a) the person has sufficient education and training in insurance and the insurance product of the insurer; (b) there are no reliable customer complaints about the persons; (c) (d) (e) (f) the person has not been convicted of any criminal offence involving dishonesty, fraud, financial crime or other offences under legislation relating to the financial services industry in Antigua and Barbuda or elsewhere; the person has not been the subject of an investigation by a government, professional or other regulatory body regarding an issue of dishonesty in Antigua and Barbuda or elsewhere; the person has not been the subject of a disciplinary enquiry for dishonesty in Antigua and Barbuda or elsewhere; the person has not been suspended from any office or asked to resign for dishonest conduct whether or not established in a Court of competent jurisdiction in Antigua and Barbuda or elsewhere; (g) whether the person has been dismissed from any office of employment or barred from entry to any profession or occupation in Antigua and Barbuda or elsewhere; (h) have not been adjudged bankrupt by a Court in Antigua and Barbuda or elsewhere.
2019, No.

66 7 Insurance (Supervision and Compliance) Regulation, 2019.

9.

Multiple registrations (1) Persons holding a registration as the registered agent for an insurer shall be required to make separate applications for the registration or renewal of registration under section 88 of the Act for each insurer for whom the person is seeking to be the registered agent.
(2) An administrative fee of One Thousand Five Hundred Eastern Caribbean Dollars ($1500.00) is applicable for the processing of every application for the registration or renewal of registration made by a registered agent to be an agent of an additional insurer.

10.

Application for Registration by Insurance company (1) An Insurance Company making an application for registration under section 13 of the Act shall do so using Form 1 as set out in Schedule 1.
(2) Every application for registration must be accompanied by personal particulars of every Director, Officer, Manager, Principal Representative or any individual in a position of influence or control using Form 2 as set out in the Schedule 1.
(3) In addition to the information provided in Form 2 the applicant must provide the following – (a) (b) (c) (d) (e) a notarised copy of the bio-data section of the Director, Office Manager, Principal Representative or any individual in a position of influence or control passport or any other valid photo identity document issued by a State entity in any jurisdiction recognised by the State of Antigua and Barbuda; a valid certificate of character issued by the Antigua and Barbuda Police Force prior to the application being submitted (applicants who are not citizens or a holder of a resident’s certificate of Antigua and Barbuda will be required to obtain a Police Certificate of Character from the jurisdiction where he or she has been resident for more than six (6) months for the last ten (10) years preceding the application); two (2) bank references addressed and sent directly to the Superintendent of Insurance by the issuer; one professional and one character reference addressed and sent directly to the Superintendent of Insurance by the issuer); evidence of the Director, Office Manager, Principal Representative or any individual in a position of influence or control right to engage in work in Antigua and Barbuda; Insurance (Supervision and Compliance) Regulations, 2019.
8 2019, No.

66 (f) certified copy of academic qualifications or any other qualifications and membership; (g) curriculum vitae; and (h) any other information requested by the Superintendent.
(4) Referee should give consideration to and be directed by the following – (a) whether the individual has a good professional reputation; (b) the educational qualifications and professional proficiency of the individual having regard to developments within the profession and membership of professional bodies; (c) the appropriate practical experience of the individual having regard to the nature of position and responsibility; and (d) the reputation, character, integrity and reliability of the individual.
(5) References must be – (a) submitted in original and containing such proof of authenticity such as an official seal or stamp or letterhead; (b) should not be older than three months; and (c) must not be written by family members, employees or Directors of the company making the application.

(6) Where the Applicant is not a citizen or resident of Antigua and Barbuda, further due diligence shall be conducted at a cost of Four Thousand Five Hundred Eastern Caribbean Dollars ($4,500.00) per person.
The application fee shall be paid at the time of submitting the application.

(7) All documents must be in English or accompanied by certified translations made by an accepted authority with sufficient knowledge to do so.

2019, No.

66 9 Insurance (Supervision and Compliance) Regulation, 2019.

11.
11.

Application for registration as an insurance agent, insurance broker or sales representative (1) A person making an application for registration as an insurance agent, insurance broker or sale representative under section 87 of the Act shall do so using the respective Forms as set out in Schedule 1.

(2) Where the application is to be registered as an insurance agent Form 3 should be used.

(3) Where the application is to be registered as an insurance broker Form 4 should be used.
(4) Where the application is to be registered as an insurance sale representative Form 5 should be used.
(5) Every application for registration must be accompanied by the following documentation – (a) The personal particulars of Director, Office Manager, Principal Representative or any individual in a position of influence or control and individual applicants prepared using Form 2; (b) Certified copies of certificates attesting insurance qualifications and training of managers and other key staff; and (c) Professional and character references attesting the insurance experience of managers.
(6) Where the application is made on behalf of a firm or company, in addition to the above documents, the following documents should be submitted – (a) Certificate of Incorporation of the company; (b) Local Registration Certificate (if incorporated outside of Antigua); (c) Copies of Articles and Memorandum of Association or other rules incorporating the applicant company; (d) Statement of shareholding (or of interest of shareholders); and (e) Copy of the most recent audited accounts and balance sheet.
(7) Applications for an individual to be registered as a sales representative should in addition to the above be accompanied by the following – Insurance (Supervision and Compliance) Regulations, 2019.

10 2019, No.
66 (a) A completed Form 9; (b) Copy of the sales representative agreement; (c) One professional and one character reference addressed and sent directly to the Superintendent of Insurance by the issuer; (d) A valid certificate of character issued by the Antigua and Barbuda Police Force prior to the application being submitted (applicants who are not citizens or a holder of a resident’s certificate of Antigua and Barbuda will be required to obtain a Police Certificate of Character from the jurisdiction where he or she has been resident for more than six (6) months for the last ten (10) years preceding the application); and (e) Application fee of Five Hundred Eastern Caribbean Dollars ($500.00).
(8) Referee should give consideration to and be directed by the following – (a) Whether the individual has a good professional reputation; (b) The educational qualifications and professional proficiency of the individual having regard to developments within the profession and membership of professional bodies; (c) The appropriate practical experience of the individual having regard to the nature of position and responsibility; and (d) The reputation, character, integrity and reliability of the individual.
(9) References must be submitted – (a) Submitted in original and containing such proof of authenticity such as an official seal or stamp or letterhead; (b) Should not be older three months; and (c) Must not be written by family members, employees or Directors of the company making the application.

(10) Where the Applicant is not a citizen or resident of Antigua and Barbuda, further due diligence shall be conducted at a cost of Four Thousand Five Hundred Eastern Caribbean Dollars ($4,500.00) per person.
The application fee shall be paid prior at the time of submitting the application.

2019, No.

66 11 Insurance (Supervision and Compliance) Regulation, 2019.

(11) All documents must be in English or accompanied by certified translations made by an accepted authority with sufficient knowledge to do so.

(12) 12.
(12) 12.

Application for renewal of registration as an insurance agent, insurance broker or sales representative (1) An agent, broker or sales representative upon the expiration of their registration shall make an application for renewal of registration as an agent, broker or sale representative in the form prescribed in Schedule 1.
(2) Every application for renewal of registration as an insurance agent, insurance broker or sales representatives must be accompanied by the following – (a) A copy of the audited financial statements; and (b) An analysis of premiums due but not paid to its principal or to each insurer, as the case may be, listing the aging of the sums outstanding.
(3) Every application for renewal of registration as an insurance broker must be accompanied by the following – (a) A copy of the audited financial statements; (b) An analysis of premiums due but not paid to its principal or to each insurer, as the case may be, listing the aging of the sums outstanding; and (c) Confirmation and details of the professional indemnity insurance.

13.
13.

Application for registration of an insurance adjuster by a company (1) An insurance company making an application for registration of an insurance adjuster under section 87 of the Act shall do so using Form 13 or Form 13A as set out in Schedule 1.
(2) Every application for registration of an insurance adjuster must be accompanied by the following documentation – (a) The Personal particulars of directors or partners or managers and individual applicants prepared using Form 2; (b) Certified copies of certificates attesting insurance qualifications and training of managers and other staff; and (c) Certified copies of references attesting the insurance experience of managers; and Insurance (Supervision and Compliance) Regulations, 2019.

12 2019, No.
12 2019, No.

66 (d) A copy of professional indemnity policy.
(3) Where the application is made on behalf of a firm or company, in addition to the above documents, the following documents should be submitted – (a) Certificate of incorporation of the company; (b) Local registration Certificate (if incorporated outside of Antigua); (c) Copies of Articles and Memorandum of Association or other rules incorporating the applicant company; (d) Statement of shareholding (or of interest of shareholders); and (e) Copy of the most recent audited accounts and balance sheet.

14.
14.

Temporary Registration of Insurance Adjuster (1) An insurance adjuster who is not registered by the Commission to conduct insurance adjusting business in Antigua and Barbuda may apply to be registered during or after an emergency.
(2) To facilitate the registration of an insurance adjuster during or after an emergency, the following documents should be submitted: (a) A certified copy of the insurance adjuster’s license issued by the licencing authority in the country in which he/she operates; (b) A copy of the letter of engagement of the insurance adjuster by the local insurer; (c) Completed application forms; and (d) Registration fee of Seven Thousand Five Hundred Eastern Caribbean Dollars ($7500.00).
(3) Registration is valid for a period of 90 days, with the possibility of an extension as approved by the Superintendent.

(4) The Insurance Adjuster may apply for extension at a cost of Four Thousand Five Hundred Eastern Caribbean dollars ($4500.00) 2019, No.

66 13 Insurance (Supervision and Compliance) Regulation, 2019.

15.
15.

Notice of termination of agency, broker or sales representative A registered insurance agent, broker or sales representative who is terminated, a notice in accordance with section 96 of the Act shall be given forthwith to the Superintendent using in the form prescribed in the Schedule 1.

16.

Administrative Penalties (1) A person who contravenes a provision of the Act or these regulations may be subject to one or more Administrative Penalty.

(2) The Administrative Penalties are listed in Schedule 4.
17.

Refund of deposits A decision of the Commission made in accordance with section 26 of the Act shall be a reference to a decision of the Board of the Commission based on advice of the Superintendent.

18.

Trust Deed A trust deed submitted as a part of an application of a pension plan under section 186 of the Act must be registered at the Eastern Caribbean Supreme Court before the Pension Plan may be registered.

19.
Obligations of the Board of an Insurance Company (1) In accordance with section 36 and 54 (1) of the Act, all insurers are required to provide the Commission with the following documents – (a) Copies of all minutes of Board meetings; (b) Copies of all minutes of shareholder(s) meetings; (c) Copies of all minutes of sub-committees of the Board meetings; (d) Copies of all Charters; (e) Copies of amended Charters; (f) Copies of all reports submitted to the Board by the Internal Auditor; and (g) Copies of all reports submitted to the Board by the Compliance Officer.
(2) In accordance with section 175 of the Act, insurance companies are required to file the following documents with the Commission annually – (a) A copy of its reinsurance strategy or Reinsurance Risk Management Plan (RRMP) or any material changes made to the RRMP; Insurance (Supervision and Compliance) Regulations, 2019.

14 2019, No.
14 2019, No.

66 (b) A complete description of all its reinsurance arrangements, including levels of reinsurance, any alternative risk transfer (ART) mechanism and due diligence performed on reinsurance counterparties; (c) Copies of all reinsurance contracts; (d) The proportion of cessions to rated and unrated reinsurers in the format set out in Schedule 2; and (e) The amounts outstanding from reinsurers, including amounts in dispute.

(3) Documents may be submitted in either electronic or print form.

20.
20.

Market Conduct (1) Insurance companies are required to maintain proper market conduct to ensure the welfare of customers and maintain confidence within the insurance sector in accordance with issued market conduct guidelines.

(2) Insurance companies are required to maintain a documentary log or database that capture issues regarding market conduct.
(3) The documentary log or database should include at minimum – (a) The name of the customer; (b) The nature of the complaint or issue; (c) The name of the officer(s) within the institution responsible for addressing the complaint or issue; (d) Information regarding the status of the complaint or issue; and (e) The time frame within which the licensee received and responded to the complaint or issue.
(4) Insurance companies are required to make the documentary log or database available during an onsite examination or at any other frequency as determined by the Superintendent of Insurance.

21.

Annual Attestation on Beneficial Ownership and Control (1) Every insurance company is required to submit annually an attestation report to the Commission on beneficial ownership and control of the insurance company.

2019, No.

66 15 Insurance (Supervision and Compliance) Regulation, 2019.
(2) The report is to be submitted to the Commission within 3 months of the financial year end, in the format provided in Schedule 3.

Insurance (Supervision and Compliance) Regulations, 2019.

16 2019, No.

66 SCHEDULE 1 FORMS 2019, No.

66 17 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.

18 2019, No.

66 2019, No.

66 19 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.
20 2019, No.

66 2019, No.

66 21 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.

22 2019, No.

66 2019, No.

66 23 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.

24 2019, No.

66 2019, No.

66 25 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.

26 2019, No.

66 2019, No.


66 27 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.

28 2019, No.

66 2019, No.

66 29 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.

30 2019, No.

66 2019, No.

66 31 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.

32 2019, No.

66 2019, No.


66 33 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.

34 2019, No.

66 2019, No.

66 35 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.

36 2019, No.

66 2019, No.

66 37 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.

38 2019, No.

66 2019, No.


66 39 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.

40 2019, No.

66 2019, No.

66 41 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.

42 2019, No.

66 2019, No.

66 43 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.

44 2019, No.

66 2019, No.


66 45 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.

46 2019, No.

66 2019, No.

66 47 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.

48 2019, No.

66 2019, No.

66 49 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.

50 2019, No.

66 2019, No.


66 51 Insurance (Supervision and Compliance) Regulation, 2019.

Insurance (Supervision and Compliance) Regulations, 2019.

52 2019, No.

66 SCHEDULE 2 Breakdown by Rating Maximum Exposure Current Year Premiums Ceded $000 As a % of Total Ceded Maximum Exposure Prior Year Premiums Ceded $000 As a % of Total Ceded *A+ or better *A to *A- *B++ Worse than *B++ But not worse than *B Worse than *B Unrated Total *or equivalent financial strength rating 2019, No.
66 53 Insurance (Supervision and Compliance) Regulation, 2019.
SCHEDULE 3 <INPUT NAME OF INSURANCE COMPANY> a) Pursuant to Section 14(a) of the Insurance Act, 2007 (as amended), the names and addresses of person(s) who own(s) five per cent (5%) or more of the total voting rights of the licensed financial institution are as follows – Name Address % Share b) Pursuant to Section 14(a) of the Insurance Act, 2007 (as amended), where a person(s) is a nominee, the name(s) and address of the ultimate beneficial owner(s) for whom a person(s) holds the shares or other ownership interests are as follow – Name Address c) Pursuant to Section 14(a) of the Insurance Act, 2007 (as amended), the name and address of any person(s) who controls the company acting directly or indirectly, and acting individually or jointly are as follow – Name Address d) Pursuant to Section14(a) of the Insurance Act, 2007 (as amended), the name and address of all directors and officers are as follows – Directors Name Officers Name Address Effective Date Position Address Effective Date Insurance (Supervision and Compliance) Regulations, 2019.
54 2019, No.

66 SCHEDULE 4 ADMINISRATIVE PENALTIES - INSURERS Offence Section No.
Administrative Penalty Timelines to Comply 14 (2); 90 (1) (b) Breach of a condition, requirement or restriction attached to an approval $30,000 plus $1,800 for each day of non-compliance As directed 17 Failure to notify Commission of any change since registration $15,000 plus $900 for each day of non-compliance As required 30(4); 52 (e); 181 Making payments of dividends as prohibited by this section $30,000 As required 38 44 40 51 Failure of an insurer to submit annual return to the Commission $30,000 plus $1,800 for each day of non-compliance Within four months of end of financial year Failure of an insurer to submit to the Commission audited financial statements in accordance with this section $15,000 plus $900 for each day of non-compliance Within four months of end of financial year Failure of an insurer to submit actuarial report to the Commission within the prescribed time $15,000 plus $900 for each day of non-compliance Within four months of occurrence Failure of an insurer to notify the Commission of an auditor appointment $10,000 plus $600 for each day of non- Compliance As required 2019, No.
66 55 Insurance (Supervision and Compliance) Regulation, 2019.
36; 54; 97 Failure to provide information 96 Failure by insurer to give notice of termination or variation of contract of appointment of insurance intermediary as required under this section $10,000 plus $600 for each day of non- Compliance $15,000 plus $900 for each day of non-compliance As required Within 7 days of occurrence 100 & 211 Failure to correct or withdraw an objectionable or misleading advertisement as required under this section $10,000 plus $600 for each day of non- compliance As required 108 (1) Failure to appoint an actuary as specified under this section $15,000 plus $900 for each day of non-compliance Within 14 days of occurrence 108 (1) Failure of insurer to notify the Commission of actuary’s appointment under this section $30,000 plus $600 for each day on non-compliance.
Within 14 days of occurrence 108(4) & 108 (6) Failure or an actuary to give notice to the Commission of the resignation or cessation of appointment as actuary and failure to give reasons to the Commission for such removal and replacement $10,000 plus $600 for each day of non-compliance for each day of non- compliance Within 7 days of occurrence 109 (1) Failure of an insurer to obtain approval of $30,000 As required the rate of premium by its appointed actuary 150 Failure of an insurer to pay unclaimed money to the Commission within the prescribed time period under this section $15,000 plus $900 for each day of non-compliance Four months after end of financial year Insurance (Supervision and Compliance) Regulations, 2019.
56 2019, No.

66 168 175 Section No.

96 97 Failure of a company or an insurer to seek approval of Commission before a transfer or an amalgamation in accordance with this section $30,000 As required Failure to submit to Commission information regarding reinsurance arrangements $15,000 plus $900 for each day on non-compliance.
Within 30 days of commencement of the underwriting year ADMINISRATIVE PENALTIES - INTERMEDIARIES Offence Administrative Penalty Failure by insurance agent or sales representative and principal to give notice of termination or variation of contract as required under this section Failure to provide information or reports $5000 plus $300 for each $5000 plus $300 for each day of non-compliance day of non-compliance Timelines to Comply Within 7 days of occurrence As required Made by the Minister this 18th day of December, 2019 Hon.
Gaston Browne, Prime Minister and Minister of Finance And Corporate Governance.