INSURANCE ACT - Ministry of Justice

1 INSURANCE I. THE INSURANCE ACT. ARRANGEMENT OF SECTIONS. PART 1 Preliinimuy 0 1. Short title. 2. Intnterpretation. 3. Application of Act. 4. Commission rffponsible for administration ofAct. 5. Registers. PART U. Repiation of INSURANCE Compwiar Registration 6. Only bodies corporate to carry on insmce business. 7. Registratim of bodies corporate canying on INSURANCE business. 8. Restrictions regarding registrStion. 9. Share capital and deposit required for registration. 10. Application for registratim 11. Conditions for registration. 12. Certificate of registration. 13. Notification ofchmge in particulars specifid in application. 14. Suspension ofregistration. 0 15. Grounds for cancellationofregistration. 16. Implemmtation of pmposalto r e h e or cancel regkhtion. 17. Summary cancellationofregistration.

2 IS. Effect of cancellationof registfatioa. 19. Display and surrrndu ofre@atim certificate. 2 Ih'SUMNCE. 20. Contracts with non-registeredcompanies. 21. Amountand fnm ofdeposit bycompanies Invatment off& of Imurame companies 22. Investment of funds. 23. Prohibitiw relating to loans. Adminislrative and Aceounring Requirementsfor Ins-e 24. Maintenance of principal office and appointment of principal Companies 0. representative. 25. Maimtmauce and separation of funds. 26. Reparation of a n n d accounts, etc. 27. Groupaccounts. 28. Audit of accounts of registaed msura. 29. Keeping of recards by insurers. 30. Annual investigations into h a n d pasitionof i n s u carrying ~ ~ ~ on long tam busmess. 3 1. Amalgamation and lrausk. 32. Regulatiw of waldling m m after traosfer OT amalgamtim.

3 33. Application by PRSOOS affectedby scheme. 34. Effect of decisions ofCcmmission and appeals. 35. vesting by Mister. Cwpome G o v e m e , Appointmet8 ondAehrmy 36. Duty of care of direaas and seniar officers. 37. Appointment of auditca. 38. Resignation ofanditor. 39. Accesstoinformation. 0. 40. Auditor's report 41. Auditor's right to attend, requisition meetings. 42. Report by Commission. p'hcinclurimdlhirpge ~rauUlonrsdbyL N IILRWZ]. INSlJRAh'CE 3. 43. Amendment of financial statements and repatS. 44. Appointment ofactuary. 45. Resignation, etc., ofactuary. 1nves:igaiom by the Commission 46. Commission may demand information. 0 47. Power to make investigations. 48. Power to obtain information. 49. hby on premises. 50. Action on completion of investigatioa. Winding Up 51. Windingup.

4 52. Petition fa winding up. 53. Margin of solvency. 54. Transfer of INSURANCE business. 55. Local treatment in foreign winding up. 56. Supplemmtal provisioas as to winding up. 57. Ascatarmn ' ent of value of liabilities under policies. 58. Reduction of contracts as altmative to winding up. 59. Application of deposits. 60. Guarantd mmpanies. PART 111. Associations of U d e ~ i t e r s 0 6 I . Associations of undesmiters to be registered. 62. Application for registration undu this Part. 63. Conditions fm registration. 64. Documents and information to be firnrished to Commission. 65. Suspension of regi-tion. [Tlie inclusion ofthia p g e i s avihmired by II?RW? 1. 4 LMSUR4 NCE. 66. Grounds for cancellation of registration. 67. Implementation of proposal to refuse to register or to cancel registration.]

5 68. Effectof cancellation of association'sregisbation on insclrance ContractS. 69. Deposits by associations of undmwiters. PART lV. Registratim of Inswame Intermediaries 70. Registration of INSURANCE intermediaries 71. Application for registration. 0. 72. General restrictim an registration. 73. Conditions for registration. 74. Certificateof registration. 75. Suspensionof regisbxtion. 76. Grounds for cancellation ofremation 77. Impleme~tatimproposal to refuse to regista OT to cancel registration. 78. Summary cancellation of registration under this Part. 79. Informationto be suppliedto Commission. 80. Production of certificate ofregistration. 81. Display and surrmdaof regktratirm certificate. Miscellmreous Provisions Relating to Inswame Intermediarks 82. Agents, etc. 83. Fraudulent representations.

6 84. Liability for unlawhl contracts. 85. Compcnsstim to lmaumorircd person for placing or negotiating INSURANCE . 86. Rebating. 0. 87. Bonaf& salaried employees. 88. Returns by insurers. 89. Returns by regidaed brokers and agents. l h s page 13 aullinninl by L N I121 WJoo?1. [The ~ n c b r i aof hVSlJRANCE 5. PART V. Long-tern I n s u r m Business Isnre OfPoIicies 90. Rates of premium. 9 1. Notice regarding proof of age. 92. Rocedure whae comprmy declines to aooept pf. 93. Mis-statanent of age and nan-avoidance ofpolicy. 0 94. Provisions relating to state of health of insurd. 95. Minors. 96. insurable interests. Designation of beneficiaries or Legal Personal Represenfuive 97. Designation of beneficiaries generally. 98. Irrevocable designation of beneficiaries. 99. Alteratim or revocation of designation on d o n of marriage.]

7 100. Insured person entitled to dividends 101. Cimunstances in which INSURANCE promds not part of insured person's estate, etc. 102. Presumption ofbust negatived. 103. Appoinlment oftrustee. 104. Beneficiary -ing insued pason. 105. Right to enforce payment of pmceeds. 106. Power of group life insured to sue insura. Pmteclion of Policies 0 107. Interest of insured protected in certain cases. Paid-up Policies, Surrender Values und Non-Fmfeitzm 108. Paid-up policies. 6 EiSURANCE. 109. Sumadet ofpolicies. 110. Notice in respect of long tenn INSURANCE policies by insurer. 1 1 I. Insured's right of cancellation. 1 12. Nm-forfeiture of ordinary policies in certain case3 of non-payments of premiums. I 13 Treahnent of debts on grant of paid-up policies. Payment ofPoIicy Moneys 0. 114. Death ofpolicyholder not being life insured.

8 115. Unclaimed moneys. Muldisation 116. Conversion into mutual companies and vice versa. PART VI. Reserves and D i v i k d 117. Resmes. 118. Dividend not to impair. PART VII. Generailnsurame 119. Application ofthis Part. 120. Disclosure of pro rata condition of average. 121. Thirdpartyrights. PART VI11. M i r c e i h e o u 122. INSURANCE mnhibutcry fund. 123. Insudsduty ofcarereagents. 124. Register to be kept. 125. Replament of lost life policy. 126. E m of suicide or capital pmishntent on life policy. 0. 127. Liability limitation for war void. 128. Offences by company not to invalidate policies. 129. Local d i c i e s governed by Jamaican laws. INSURANCE 7. 130. Payment of moneys in specified currency. 131. PowatopaymoneyintoCollrt. 132. Payment without probate or administration in certain Cases.

9 133. Structured settlements. 134. Approval required for notice offering share for subscription. 135. Publication ofauthorized subscribed and paid-up capital. 0 136. Inspection of documents. 137. Documentsto be admitted in evidence. 138. Authority to sign documents. 139. Printing of documents. 140. Appeal. 141. Gazetting ofregisb-ation,etc. 142. Restriction on use of INSURANCE tams 143. Extmsion of time h i t s . 144. Regulations. 145. Exemptions. 146. Misleadingadvertimmt. 147. offences. 148. General pmalties. 0. rnSURANCE. (U) is a registered public accountant as defined in section 2 ofthe Public Accountancy Act; and (b) satisfies such requirements as may be prescribed, and includes a firm of such persons;. bond investment business means the business (not being life INSURANCE business) of issuing bonds or 0 endowment certiiicates by which the company, in return for subscriptions payable at periodic intervals of less than six months, contracts to pay the bond holder a sum at some future date, and includes sinking fund and capital redemption INSURANCE b u s i e s.

10 Broker means any person who- (U) in any manner solicits, negotiates or procures INSURANCE or the renewal or continuance thereof on behalf of insurers or on behalf of agents; or (b) arranges INSURANCE business with such insurers or agents on behalf of prospective policy holders;. carrying on INSURANCE business in Jamaica includes, subject to subsection (2)- (U) opening or maintainjng a place of business or an office or appointing or using a representative in Jamaica, whether or not such business is being arranged in or s%om Jamaica;. (b) the use in Jamaica of any business description or title in any language of the words 0 INSURANCE , assurance , indemnity , guarantee , under-writing , rereinsurance , Surety , e, or any of their derivatives, or any expression which conmtes or is intended to connote INSURANCE business.