Insurance (Amendment) Act, 2011

Link to law: http://laws.gov.ag/acts/2011/a2011-5.pdf

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The Insurance (Amendment) Act, 2011.pmd
ANTIGUA AND BARBUDA

THE INSURANCE (AMENDMENT) ACT, 2011

No. 6 of 2011

[ Printed in the Official Gazette Vol. XXXI No.32
dated 16th June, 2011. ]

________
Printed at the Government Printing Office, Antigua and Barbuda,

by Paget Terry, Acting Government Printer
— By Authority, 2011.

800—06.201 [ Price $4.00 ]

8 No. 6 of 201

(a) in subsection (1) by repealing paragraph (d)(v) and substituting the following—

“(v) evidence of payment of the fee prescribed in the T ird Schedule any other documents or
further information that may be required by the Superintendent.”; and

(b) by inserting after subsection (1), the following subsection—

“(1A) The application fee shall be paid to the Commission.”

15. Repeal and substitution of section 197

The Principal Act is amended by repealing section 197 and substituting the following sections—

“197. High Court may order meeting of shareholders on application by Superintendent

On the application of the Superintendent, the High Court may order a meeting of shareholders of a
registered local company for any reason the High Court thinks fit to make the order.

197A. Audit Committee

The directors of a registered local company shall establish an audit committee consisting of at least
three directors to perform those duties that may be prescribed.

197B. Returns

(1) A company shall, within thirty days after each annual meeting of the company, provide the
Superintendent with a return showing—

(a) the name, residence and citizenship of each director holding office immediately
following the meeting;

(b) the mailing address of each director holding office immediately following the
meeting;

(c) the bodies corporate of which each director referred to in paragraph (a) is an oficer
or director and the firms of which each director is a member;

(d) the names of the directors referred to in paragraph ( ) who are officers or employees
of the company or any affiliate of the company, and the positions they occupy;

(e) the name of each committee of the company on which each director referred to in
paragraph (a) serves;

(f) the date of expiration of the term of each director referred to in paragraph (a); and

The Insurance (Amendment) Act, 2011

The Insurance (Amendment) Act, 2011 No. 6 of 201 No. 6 of 201 The Insurance (Amendment) Act, 201172

7. Amendment of section 31

The principal Act is amended in section 31 by repealing the word “Superintendent” and substituting
the word “Commission”.

8. Amendment of section 32

The principal Act is amended in section 32, in subsection (1), by repealing the word “Superintendent”
and substituting the word “Commission”.

9. Amendment of section 38

The principal Act is amended by repealing subsection 38(10) and substituting the following—

A person that fails to submit any account, statement or other document or information required under
this section commits an offence and is liable on summary conviction to a fine of forty thousand
dollars together with any fee incurred for not submitting the statements or other documents on the due
date or on the date extended by the Superintendent.

10. Amendment of section 51

The principal Act is amended in section 51 by repealing paragraph ( ) and substituting the following—

“ (a) he is a chartered accountant, a certified public accountant, a member of the Institute of
Chartered Accountants of the Eastern Caribbean (IAEC) or some other professionally qualified
accountant, satisfactory to the Commission;”.

11. Amendment of section 79

The principal Act is amended in section 79 by inserting after the word “fee”, the words, “to the
Commission”.

12. Amendment of section 88

The principal Act is amended in section 88 by inserting after subsection (1) the following subsection—

“(1A) The application fee shall be paid to the Commission.”

13. Amendment of section 150

The principal Act is amended in section 150 by repealing subsection (7).

14. Amendment of section 186

Section 186 of the Principal Act is amended—

The Insurance (Amendment) Act, 2011 No. 6 of 201 No. 6 of 201 The Insurance (Amendment) Act, 2011

THE INSURANCE (AMENDMENT) ACT, 2011

ARRANGEMENT

Sections
1. Short title.
2. Interpretation
3. Amendment of section 13
4. Amendment of section 17
5. Amendment of section 26
6. Amendment of section 30
7. Amendment of section 31
8. Amendment of section 32
9. Amendment of section 38
10. Amendment of section 58
11. Amendment of section 79
12. Amendment of section 88
13. Amendment of section 150
14. Amendment of section 186
15. Repeal and substitution of section 197
16. Amendment of section 198
17. Amendment of section 202
18. Amendment of section 217
19. Amendment of section 220
20. Amendment of the Principal Act
21. Amendment of Third Schedule

36

“17. Appr oval required for change in the particulars of registration

(1) Unless the approval of the Superintendent is first obtained, a company shall not—

(a) change its particulars of registration;

(b) change its directors;

(c) change its management;

(d) change its shareholders;

(e) change its shareholdings; or

(f) change the classes of insurance business offered.

(2) A company shall, not less than thirty days (30) prior to the proposed date for a change in
relation its particulars of registration or of a change in relation to any matter referred to in subsection
(1) submit to the Superintendent the complete documentation of each proposed change similar to the
information required for the registration of the company under section 14.

(3) Upon receipt of the complete documentation the Superintendent shall conduct an investigation
to determine whether the proposed change satisfies the requirements of the Act.

(4) The Superintended shall within fifteen days of the receipt of the completed documentation—

(a) approve the proposed changes and notify the company; or

(b) where the proposed change is not approved, inform the company that the proposed change
is not permitted, stating the reasons to the refusal.”

5. Amendment of section 26

The principal Act is amended in section 26—

(a) by repealing the word “Superintendent” and substituting the word “Commission”; and

(b) by repealing the words “authorise the Accountant General to”.

6. Amendment of section 30

The principal Act is amended in section 30, in subsection (2), by repealing the word “Superintendent”
and substituting the word “Commission”.

The Insurance (Amendment) Act, 2011 No. 6 of 201 No. 6 of 201 The Insurance (Amendment) Act, 20114 5

[ L.S.]

I Assent,

Louise Lake-Tack,
Governor-General.

1st June, 2011.

ANTIGUA AND BARBUDA

THE INSURANCE (AMENDMENT) ACT, 2011

No. 6 of 2011

AN ACT to amend Insurance Act, 2007, No.13 of 2007 and for incidental and connected purposes.

ENACTED by the Parliament of Antigua and Barbuda as follows:

1. Short title

This Act may be cited as the Insurance (Amendment) Ac , 2011.

2. Interpr etation

In this Act “the principal Act” means the Insurance Act, 2007 No. 13 of 2007.

3. Amendment of section 13

Section 13 of the Principal Act is amended by inserting after subsection (1), the following
subsection—

“(1A) The application fee shall be paid to the Commission.”

4. Amendment of section 17

The Principal Act is amended by repealing section 17 and substituting the following—

The Insurance (Amendment) Act, 2011 No. 6 of 201 No. 6 of 201 The Insurance (Amendment) Act, 2011

(h) the name, address and date of appointment of the auditor of the company.

(2) Where—

(a) any information relating to a director or auditor of a company shown in the latest return
made to the Superintendent under subsection (1), other than information referred to in
paragraph 1(c), becomes inaccurate or incomplete;

(b) a vacancy on the board of auditor of the company occurs or is filled by another person; or

(c) a vacancy on the board of directors of the company occurs or is filled,
the company shall forthwith provide the Superintendent with such information as is required
to maintain the return in a complete and accurate form.”

16. Amendment of section 198

By inserting immediately after subsection (2) the following subsection—

“2(A) In considering whether an applicant is a fit and proper person to be to be a director, offi er
or manager of a registered local company, the Superintendent shall have regard to—

(a) the whether the individual has a good business reputation;

(b) the financial background of the individual and whether the individual is in a sound financial
position;

(c) the educational qualifications and professional proficiency of the individual having regard
to developments within the profession and membership of professional bodies;

(d) the appropriate practical experience of the individual having regard to the nature of position
and responsibility;

(e) the ability of the individual to perform proposed function efficiently, honestly and fairly;
and

(f) the reputation, character, integrity and reliability of the individual.

17. Amendment of section 202 - Periodic examination of companies and affili tes

The principal Act is amended in section 202 by inserting after subsection (7), the following—

“(8) An insurer shall be subject to onsite examinations by the Commission at its local office,
affiliate or any other office deemed appropriate at least once a year to ensure that the company
is in compliance with this Act, the Money Laundering (Prevention) Act and the Prevention of
Terrorism Act.”

18. Amendment of section 217

The Principal Act is amended by repealing paragraph 217 (1)(n).

19. Amendment of section 220

The principal Act is amended in subsection 220(2) by repealing the words “or renew his registration”.

20. Amendment of the Principal Act

The principal Act is amended by repealing the words “Accountant General” wherever they appear
and substituting the word “Commission”.

21. Amendment of Third Schedule

The Third Schedule to the Principal Act is amended by repealing paragraph 2 and substituting the
following—

“2. Annual registration fees

Insurance Broker $5,000.00
Insurance Adjuster $5,000.00
Insurance Agent $4,000.00
Sales Representative $ 500.00"

Passed by the Senate on the 18th day
of April, 2011.

Hazlyn M. Francis,
President.

Romona Small,
Clerk to the Senate.(Ag.)

Passed by the House of Representatives on
the 31st day of March , 2011.

D. Gisele Isaac-Arrindell,
Speaker.

Romona Small,
Clerk to the House of Representatives.(Ag.)

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