Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697642561556.pdf (Bahamas)
INSURANCE (AMENDMENT) BILL, 2013 Arrangement of Sections Section 1.

2.
2.

Short title and commencement.............................................................................2 Amendment of section 14 of the principal Act.....................................................2 OBJECTS AND REASONS 2 Page - 1 INSURANCE (AMENDMENT) BILL, 2013 c INSURANCE (AMENDMENT) BILL, 2013 A BILL FOR AN ACT TO AMEND THE INSURANCE ACT TO PROVIDE FOR THE PAYMENT INTO THE CONSOLIDATED FUND OF EXCESS SURPLUS FUNDS Enacted by the Parliament of The Bahamas 1.

Short title and commencement.


(1) (2) This Act, which amends the Insurance Act1, may be cited as the Insurance (Amendment) Act, 2013.

This Act shall come into force on the 1st day of July, 2013.

2.

Amendment of section 14 of the principal Act.

The principal Act is amended by the repeal and replacement of section 14 as follows — “14.

Surplus funds.
Surplus funds.

(1) (2) Subject to subsection (2), the Commission shall at the end of each financial year pay into the Consolidated Fund all excess of revenue over expenditure standing to the credit of the Authority.

The Minister of Finance may, at the end of the financial year, authorise the Commission to reserve from surplus funds for current budgetary purposes, investment, or otherwise such sums, if any, as the Minister may determine.
OBJECTS AND REASONS The purpose of the amendment is to provide for payment into the Consolidated Fund by the Commission of surplus funds.

1(Volume VII, Chapter 347, Statute Law of The Bahamas) Page - 2