L.R.O. 1/2012
LAWS OF GUYANA
INSURANCE ACT
CHAPTER 91:02
Act
20 of 1998
Amended by 16 of 2009





1 – 240 ... 1/2012
(inclusive) by L.R.O.
Pages Authorised
Current Authorised Pages
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Index
of
Subsidiary Legislation
Page
Insurance (Company Registration) Regulations 129
(Regs. 14/2007)
Insurance (Company Accounts, Forms and Documents) Regulations 163
(Regs. 15/2007)

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CHAPTER 91:02
INSURANCE ACT
ARRANGEMENT OF SECTIONS
SECTION
PART I
PRELIMINARY
1. Short title.
2. Interpretation.
PART II
COMMISSIONER OF INSURANCE
3. Commissioner.
4. Functions.
5. Disqualification.
6. Declaration of interest.
7. Confidentiality.
PART III
MANAGEMENT AND STAFF
8. Staff.
9. Advisers and consultants.
10. Management and delegation.
11. Arbitration Board.
PART IV
FINANCIAL PROVISIONS
12. Sources of funds.
13. Estimate of fees collected.
14. Assessment.
15. Accounts.
16. Annual Report.

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SECTION
PART V
SUBSIDIARY LEGISLATION
17. Regulations.
18. Appeals.
PART VI
OFFENCES AND PENALTIES
19. Offences and penalties.
20. Summary conviction.
PART VII
REGISTRATION OF INSURERS
21. Restriction on insurance business.
22. Registration.
23. Application for registration.
24. Qualifications for registration.
25. Registration Certificate.
26. Revocation of registration.
PART VIII
ACCOUNTS AND DOCUMENTS
27. Annual Account.
28. Compliance.
29. External insurer annual account.
30. Annual filing.
31. Associated groups.
32. Investigation by actuary.
33. Explanations and additional information.
34. Shareholder copy.
35. Production of documents.
36. Mutual insurers.
37. Acquisition or redemption of shares.
38. Directors.
39. Licensed financial institution.
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SECTION
PART IX
DEPOSIT
40. Deposit.
41. Assets of the insurer.
42. Evidence of deposit.
43. Accounting of deposit.
44. Stolen, destroyed or damaged deposit.
45. Substitute deposits.
PART X
STATUTORY FUNDS
46. Establish statutory fund.
47. Assets.
48. Trusts.
49. Approval of Commissioner.
50. Long-term insurance fund.
51. Statutory fund statement.
52. Unsatisfactory statement.
53. Furnish information.
54. Assets.
55. Investment in Guyana.
PART XI
ACQUISITION, TRANSFER AND AMALGAMATION
56. Application for confirmation of scheme.
57. Terms of the agreement.
58. Requirements for confirmation.
59. Policy-holder dissent.
60. Notice of confirmation.
61. Acquisition of a class of business.
62. Conversion into mutual companies and vice versa.
PART XII
INTERVENTION, JUDICIAL MANAGEMENT AND
WINDING UP
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SECTION 63. Intervention.
64. Notice of intervention.
65. Exercise of intervention power.
66. Winding-up.
67. Petition.
68. Insolvency.
69. Appointment of judicial manager.
70. Cancellation of order.
71. Report to Court by judicial manager.
72. Acceptance of judicial manager report.
73. Immunity.
74. Assets of insurer.
75. Assets exceed liabilities.
76. Subsidiary insurers.
77. Valuation of policy.
78. Reduce amount of contracts.
PART XIII
CHANGES OF MANAGEMENT
79. Appointment of officers.
80. Notice to Commissioner.
PART XIV
BROKERS
81. Registration.
82. Application for registration.
83. Indemnity insurance.
84. Business name.
85. Restrictions on application.
86. Certificate of registration.
87. Impartiality.
88. Code of conduct.
89. Premiums.
90. Broker deemed agent of insurer.

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SECTION
PART XV
AGENTS AND OTHER INTERMEDIARIES
91. Agent.
92. Registration.
93. Qualifications.
94. Delegation to Insurance Association of Guyana.
95. Insurers.
96. Restrictions.
97. External insurer agent.
98. Insurer to file names and addresses with Commissioner.
99. Premiums.
100. Other insurance intermediaries.
PART XVI
PENSION FUND PLANS
101. Registration.
102. Purpose of fund.
103. Application for registration.
104. Amendment to registered plan
105. Certificate of Registration. .
106. Winding-up of a pension plan.
107. Rules of plan.
108. Information or explanation.
109. Default in complying with requirements.
110. Annual statements.
111. Investigation of financial condition.
112. Investment of assets.
113. Perpetuities.
PART XVII
ASSOCIATIONS OF UNDERWRITERS
114. Registration.
115. Qualifications.
116. Deposit.
117. Rejection of application.

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SECTION
118. Annual filings.
119. Prohibit new policies.
120. Cancellation of registration.
121. Continuation of business.
PART XVIII
CONDUCT OF INSURANCE BUSINESS
122. Misleading, false or deceptive statements.
123. Advertisements.
124. False claims.
PART XIX
SUBSIDIARY COMPANIES
125. External subsidiary.
126. Compliance.
PART XX
CONTRACTS FOR LONG-TERM INSURANCE BUSINESS
127. Contract for long-term insurance.
128. Notice of cancellation.
129. Long-term rates.
130. Notice regarding proof of age.
131. Procedure where company declines to accept proof.
132. Misstatement of age, and non-avoidance of policy.
133. Minors.
134. Designation of beneficiaries generally.
135. Irrevocable designations of beneficiaries.
136. Designation of beneficiaries in wills.
137. Trusts for beneficiaries.
138. Beneficiary predeceasing policy-holder.
139. Enforcement by beneficiary trustee.
140. Status of insurance moneys where there is a designated
beneficiary.
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SECTION
141. Assignment of policy where there is a designated beneficiary.
142. Entitlement to dividends and bonuses.
143. Effect of assignment of policies on beneficiaries.
144. Provisions relating to state of health of insured.
PART XXI
PROTECTION OF POLICIES
145. Application to debts.
146. Pro rata condition of average.
PART XXII
PAID-UP POLICIES, SURRENDER VALUES AND NON-
FORFEITURE
147. Paid-up policy.
148. Surrender value.
149. Non-forfeiture.
PART XXIII
MISCELLANEOUS
150. Document inspection.
151. Evidence.
152. Forms.
153. Notice to policy-holder.
154. Injury to visitor or workmen.
155. Non- effect of certain provisions of Married Women's Property
Act.
PART XXIV
SUPPLEMENTARY PROVISIONS
156. Administration of Act.
157. Laws to be read and construed.
SCHEDULE I - Classes of Long-Term Insurance Business
CLASS 1: General Life
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CLASS 2: Health
CLASS 3: Annuities and Pensions
SCHEDULE 2 - Classes of General Insurance Business
CLASS 1: Accident & Liability
CLASS 2: Auto
CLASS 3: Marine & Aviation
CLASS 4: Fire
SCHEDULE 3 - Assets In Which the Statutory Funds may
be Invested
SCHEDULE 4 - Broker's Code Of Conduct
SCHEDULE 5
PART I- Requirements as to the Trust Deed and Rules of Pension
Plans
PART II - Forms
Form A
Form B
PART III - Actuarial Valuation
__________________________
CHAPTER 91:02
INSURANCE ACT
20 of 1998. An Act to repeal the Insurance Act and to provide for the
regulation of insurance in Guyana, the promotion of
competition in the insurance industry, the protection of
consumers and for purposes related thereto or
connected therewith.
[18TH DECEMBER, 2002]
PART I
PRELIMINARY
Short title.
Interpretation.
1. This Act may be cited as the Insurance Act.

2. In this Act –
"actuary" means a person possessing actuarial
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Schedule 1
Schedule 2

Schedule 2.
qualifications as may be approved by the Commissioner
for the purposes of this Act;
"association of underwriters" means an association of
individual underwriters organized according to the
system known as Lloyd's whereby every underwriting
member of a syndicate becomes liable for a separate part
of the sum secured by each policy subscribed to by that
syndicate, limited or proportionate to the whole sum
thereby secured;
"auditor" means a person who is a member of and in good
standing with the Institute of Chartered Accountants of
Guyana;
"class of insurance business" means any of the classes of
insurance business listed in Schedules 1 and 2;
"Commissioner" means the Commissioner of Insurance
appointed under section 3;
"controller" means a person having the power directly or
indirectly either to direct the management of an insurer
or if that insurer is a body corporate with shares to
exercise or control, the exercise of twenty-five per cent or
more of any class of voting shares;
"the Court" means the High Court;
"external insurer" means an undertaking carrying on
insurance business which is formed under the laws of a
country other than Guyana;
"financial year" means each period of twelve months at the
end of which the balance of accounts is struck, or, if no
such balance is struck, then the calendar year;
"general insurance business" means insurance business listed
in Schedule 2;
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"main representative" means a person who is appointed
described in Schedule 1;
"long-term insurance business" means insurance business
of Schedule 1;
"life insurance" means insurance of a class specified in Class 1
by the Court pursuant to subsection (1) of section 69;
“judicial manager" means a judicial manager appointed
registered as an insurer;
members of an association of underwriters which is
and, except where otherwise stated, includes all the
"insurer" means a company carrying on insurance business
business in Guyana;
which carries on or proposes to carry on insurance
"insurance company" or "company" means a body corporate
includes re-insurance business, in Guyana;
of an insurer in any class of insurance business, and
“insurance business" means the assumption of the obligations
insurance agent;
preparing contracts of insurance, but does not include an
insurance undertakings, and carries out work
insurance of risks, persons seeking insurance and
individual contractor brings together, with a view to the
"insurance broker" or "broker" means a person who as an
include an insurance broker;
place insurance business with that insurer, but does not
appointment in writing from an insurer enabling him to
"insurance agent" or "agent" means any person who holds an
Schedule 1
Schedule 1
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by an external insurer to act as its agent and to carry on
insurance business in Guyana with express
authorization from the Commissioner to enter into
contracts on behalf of such external insurer and upon
whom all lawful processes in any action or proceeding
against such external insurer shall be served;
"Minister" means the Minister responsible for Finance;
"mutual insurer" means an insurer owned by the policy-
holders and whose shareholders (if any) are entitled
to interest but not dividends on their capital;
“officer" includes a director, manager, secretary, treasurer,
actuary or any other person designated as an officer of
an undertaking by its rules;
"pension fund manager" means any person who registers
one or more pension fund plans under Part XVI;
"person" shall include –
(a) a natural person and any corporation or other
entity which is given, or is recognized as
having legal personality by the laws of any
country or territory;
(b) any unincorporated association or
unincorporated body of persons, whether
formed in Guyana or elsewhere, including a
partnership, joint venture or consortium;
(c) the government of a country or territory, any
public, local or municipal authority in Guyana
or elsewhere and any international
organization or body, whether or not its
members include Guyana and whether or not
having legal personality; and
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Commissioner.
(d) a person who, under the law of any country or
territory, together hold a fiduciary,
representative or official position shall be
treated as a single person;
"policy" means any written contract of insurance whether
contained in one or more documents;
"policy-holder" means the person who for the time being has
legal title to a policy, and includes any person to whom a
policy is for the time being assigned;
"registration" means an authorization issued by the
Commissioner;
"regulations" means regulations made by the Minister under
section 17;
"scheme" means a proposal for the transfer, acquisition or
amalgamation of an insurance business;
"undertaking" means a body corporate, partnership or an
unincorporated association carrying on a trade or
business;
"underwriter" means any person named in a policy as liable
to pay or contribute towards the payment of the sum
secured by the policy.
PART II
COMMISSIONER OF INSURANCE
3. (1) The Minister shall appoint a Commissioner of
Insurance who shall be responsible for carrying out the
functions assigned to the Commissioner by this Act.

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Functions.
Disqualifi-
cation.

Declaration of
interest.
Confidential-
ity.
(2) The Commissioner shall hold office on such
terms and conditions, including remuneration, as the Minister
may determine.
(3) The Minister may with the consent of
the President remove the Commissioner from office.
(4) The Commissioner may resign his office by
notice in writing to the Minister.
4. The Commissioner is charged with the general
administration of this Act, and in the exercise of his functions
he shall conform with any general or special directions given
to him by the Minister.
5. (1) Where the Commissioner becomes a member of
the National Assembly, he shall immediately cease to be the
Commissioner.
(2) The Commissioner shall be disqualified from
holding and shall cease to hold office if he is adjudged
bankrupt or is convicted of an indictable offence in relation
to a business, or is convicted of an offence involving fraud or
dishonesty, whether in connection with a business or not.
6. Where the Commissioner or a person connected to
the Commissioner has any financial interest directly or
indirectly in any insurer or external insurer, he shall, before
exercising any functions as Commissioner, declare the nature
of such interest to the Minister and shall comply with
such directions as the Minister may give him in regard
thereto.

7. (1) Subject to subsection (3) a person shall not
disclose any information obtained by him –
(a) while performing duties as the
Commissioner;
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Staff.

Advisers and
consultants.

Management
and
delegation.
(b) as a member of the staff of
the Commissioner; or
(c) as a member of any body consulted in
pursuance of any provision of this
Act, while performing duties relating
to any such consultation.
(2) A person who contravenes subsection (1) shall
be guilty of an offence.
(3) Nothing in subsection (1) shall prevent
disclosure of information in a report made to the
Commissioner or on behalf of the Commissioner to the
Minister in connection with his duties.
PART III
MANAGEMENT AND STAFF
8. (1) The Commissioner may from time to time
appoint individuals as members of his staff with the prior
approval of the Minister as to the number of staff and the staff
positions.
(2) An individual on the staff of the Commissioner
shall be employed on such terms and conditions as the
Commissioner may from time to time determine with the
consent of the Minister.
9. The Commissioner may, out of money at his
disposal, from time to time engage actuaries, consultants,
advisers or managers as he considers necessary for the
discharge of the functions of his office.
10. (1) The Commissioner may, without prejudice to
his general responsibilities under this Act, perform any of his
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Arbitration
Board.
c. 7:03.

Sources of
funds.

functions through or by any member of his staff or through
another person or persons duly authorised by the
Commissioner in that behalf.
(2) The Commissioner may with the consent of the
Minister, delegate functions to members of his staff or other
persons duly authorised.
11. (1) There shall be established within the office
of the Commissioner an Insurance Arbitration Board which
shall consist of three members: the Commissioner or his
representative, a representative of the Insurance Association
of Guyana or a successor group representing the insurers, and
a broker chosen by the brokers of Guyana through fair means.
(2) Where in relation to a policy, any dispute or
difference arises between a policy-holder and an insurer or
broker, this dispute shall be arbitrated by the Insurance
Arbitration Board.
(3) Decisions of the Insurance Arbitration Board
may be appealed to the High Court.
(4) The Insurance Arbitration Board shall conduct
arbitrations in accordance with the Arbitration Act.

PART IV
FINANCIAL PROVISIONS
12. (1) Thirty days before the end of each financial
year, the Commissioner shall in cooperation with the
representatives of the insurers formulate and submit to the
Minister a budget reflecting monies that the Commissioner
will need in order to carry out the provisions of this Act
during the following year.
(2) The budget referred to in subsection (1) shall
be approved by the Minister with amendments, if any, within
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Estimate of fees
collected.

Assessment.

Accounts.
fourteen days of the submission of the budget to the Minister.
13. (1) Thirty days before the end of each financial
year, the Commissioner shall prepare an estimate of the
amount of registration fees and other levies that are
anticipated to be collected by the Commissioner in the
following year.
(2) The estimate referred to in subsection (1) shall
be approved by the Minister with amendments, if any, within
fourteen days of the submission of the estimate to the
Minister.
14. The Commissioner is hereby authorised to make
an annual assessment against each insurer, insurance broker,
Association of Underwriters, and, Manager of a Pension Fund
Plan under the control of the Commissioner, which
assessment shall be pro rata based upon the revenues of each
of the entities and assessments shall be approved by the
Minister if he determines that the amount of registration
fees and other levies collected by the Commissioner will be
insufficient to cover the annual operating cost of the office of
the Commissioner. Any amount unexpended in such year
shall be credited against the assessment in the following year
and the assessment in the following year shall be reduced by
such unexpended amount.
15. (1) The Commissioner shall keep in such form as
may be approved of by the Minister proper accounts of
moneys received and expended by him.

(2) The accounts shall be audited by an accredited
auditor and when so audited shall together with a report on
the accounts be presented to the Minister by the
Commissioner and copies shall be made available to the
National Assembly and shall be published not later than six
months after the end of each financial year to which it refers.
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Annual
Report.
Regulations.
Appeals.
(3) The Commissioner shall submit to the
Minister such other reports and information as the Minister
may require.
16. The Commissioner shall submit to the Minister
an Annual Report of his activities and the administration of
this Act within thirty days of the end of the calendar year to
which it refers. The Minister shall place the Annual Report
before the National Assembly within fourteen days of receipt
of the Annual Report and shall cause the Annual Report to be
published. The Annual Report shall include a list of
information on the functions and activities of the
Commissioner and shall specifically comment on trends and
developments in insurance in Guyana and other matters that
are likely to have an impact on insurance in Guyana.

PART V
SUBSIDIARY LEGISLATION

17. The Minister, after consulting with the
Commissioner, may make regulations for carrying out the
provisions of this Act.
18. (1) An appeal lies to the Insurance Board of
Review from any decision, direction, or order of the
Commissioner, under this Act.
(2) The Insurance Board of Review to be
appointed by the Minister shall consist of three members,
one member recommended by the Commissioner, one
member chosen by the Insurance Association of Guyana or a
successor group representing the insurers, and one member
chosen by the brokers of Guyana through fair means.
(3) Members of the Insurance Board of Review
shall serve a three year term.
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Offences.

(4) The Commissioner, members of the
Commissioner's staff, members of the insurance Association
of Guyana or a successor group, and registered brokers
shall not be eligible to be members of the Insurance Board
of Review.
(5) Members of the Insurance Board of Review
shall not have a financial interest in the insurance business
in Guyana.
(6) Members of the Insurance Board of Review
shall be paid for their time and expenses from the budget of
the office of the Commissioner.
(7) An appeal from the Insurance Board of Review
shall lie to the High Court.
PART VI
OFFENCES AND PENALTIES
19. (1) Any person who contravenes –
(a) any provision of this Act;
(b) any regulations; or
(c) any direction or requirement made by
the Commissioner or a person
authorised by the Commissioner,
shall be guilty of an offence, unless he proves that he did not
knowingly commit such contravention or omission and, in the
case of a default in complying with any such provision,
direction or requirement, the offence shall be deemed to be
continued so long as the default continues.

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Summary
convictions.

(2) Where an offence against this Act is committed
by a company and the offence is proved to have been
committed with the consent or connivance of, or to have been
facilitated by any neglect on the part of, any director,
principal officer, or other officer or an actuary or auditor of
the company, he, as well as the company, shall be deemed to
be guilty of the offence.
(3) Where any person signs a document required
by or under this Act which he knows to contain false
information, that person is guilty of an offence.
(4) Proceedings for an offence shall not be
commenced after the expiration of three years from the
commission of the offence.
(5) Any proceedings against a company in respect
of an offence against this Act shall be without prejudice to
any proceedings for the judicial management, or the
winding-up of the company or of any part of the business
of the company which may be taken in respect of the
matter constituting the offence.

20. (1) The Commissioner shall appoint a Special
Prosecutor to be responsible for prosecuting any violations of
this Act.
(2) Any offence against this Act for which no other
penalty is prescribed is punishable as a summary offence -
(a) in the case of a company, by a fine not
exceeding one million dollars and
where the offence is a continuing
offence, by a further fine not
exceeding one hundred thousand
dollars for every day during which
the offence continues; and

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Restriction on
insurance
business.

Registration.
Application for
registration.
(b) in the case of an individual, by a
fine not exceeding one hundred
thousand dollars or imprisonment for
a term not exceeding three years, and
where the offence is a continuing
offence, by a further fine not
exceeding ten thousand dollars for
every day during which the offence
continues after the conviction was
first obtained.
PART VII
REGISTRATION OF INSURERS
21. (1) Only companies or Associations of
Underwriters registered with and authorised by the
Commissioner under this Act may carry on insurance
business in Guyana.
(2) A company or association which attempts to
carry on insurance business without registering with the
Commissioner shall be guilty of an offence.
22. Every company or association seeking registration
under this Act shall pay a filing fee of two hundred and fifty
thousand dollars to the Commissioner.
23. (1) Any company or association may make
application to the Commissioner for registration under this
Act.
(2) The application for registration shall be in
writing, signed by a Director of the company or principal
representative of the association, and shall specify-
(a) the address of the head office of the
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company or the association;
(b) the names of the directors and the
auditors and the name and address of
the principal representative of the
company or association;
(c) the name of the actuary of the
company or association;
(d) the countries, if any, outside
Guyana in which the company or
association carries on insurance
business; and
(e) the classes of insurance business
undertaken or to be undertaken by
the company or association.
(3) The application shall be accompanied by -
(a) a copy of the instruments constituting
the company or association or other
duly certified proof of incorporation;
(b) a copy of the articles of association or
other rules of the company or
association;
(c) a copy of the latest revenue-account
and balance sheet of the company or
association and a copy of the latest
actuarial valuation report upon the
financial position of the company or
association;
(d) in the case of a company or
association having shareholders, a
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statement showing the nominal,
subscribed and paid-up capital of the
company or association and the
amount of the capital which has been
paid up in cash;
(e) in the case of long-term insurance
business a copy of the premium rate
book in use, or to be used by the
company or association in Guyana;
(f) specimens of the various standard
forms of proposals and policies to be
issued in Guyana, certified by a
director or the principal
representative of the company or
association to be true and correct; and
(g) a copy of any reinsurance contract in
effect at the time of application.
(4) The Commissioner may require any company
or association making application for registration under
this Act to furnish him with such additional information
as he may require.
(5) Every company or association carrying on
insurance business in Guyana immediately before the
commencement of this Act shall, within two months of the
commencement, make application in accordance with this
section to the Commissioner for registration. Upon
submission of its application, the company or association
shall be deemed registered and should the Commissioner find
any portion of the application to be deficient, the company
shall be given six months from the initial filing deadline to
cure such deficiency without penalty.

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Qualifications
for registration.
(6) The Commissioner shall decide whether to
grant or refuse an application or seek additional information
and so inform the applicant in writing within one month of
receiving the application. Where additional information is
sought, the Commissioner shall decide and inform the
applicant of the decision within one month of receiving the
additional information which he sought.

24. (1) Where the Commissioner, after appropriate
inquiry or by the production of documentary evidence, and
upon the advice of an actuary, is satisfied in respect of the
applicant insurance company or association that –
(a) the requirements of sections 21 and 22
in so far they are applicable, have
been complied with;
(b) the company or association is solvent,
and not subject to proceedings under
section 68;
(c) the company or association is likely to
be able to comply with such of the
provisions of this Act as would be
applicable to it;
(d) the company or association has
made adequate arrangements for
reinsurance of that class of
insurance business or that there is
no justification for making such
arrangements;
(e) the managing director or controller of
the company or person in charge of
the association is a fit and proper
person;
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(f) in the case of a company or
association that carries on, or
proposes to carry on, some other form
of business in addition to insurance
business, the carrying on of both
insurance, business and that other
business is not contrary to the public
interest;
(g) the name of the company or
association is not identical with or
does not so closely resemble the name
of an insurance company or
association already registered under
this Act as to be likely to deceive; and
(h) being a foreign company or
association, it -

(i) is lawfully constituted in
accordance with the laws of the
country in which it is
incorporated and has
undertaken insurance business
in that country for at least three
years before the date of the
application; and
(ii) has appointed some person
resident in Guyana to be its
main representative in Guyana
and has informed the
Commissioner in writing of the
name and address of that
person,

LAWS OF GUYANA
Insurance Cap. 91:02 27
L.R.O. 1/2012

Registration
Certificate.
Revocation of
registration.
the Commissioner shall, either unconditionally or subject to
such conditions as he may specify, register the insurance
company or association in respect of such class or classes of
insurance business and shall authorize the applicant
accordingly.
(2) Where the Commissioner is not satisfied, in
relation to all or any of the classes of insurance business in
respect of which the application is made, as to one or more of
the conditions mentioned in subsection (1), he shall notify the
insurance company or association in writing that he proposes
to refuse to register it in respect of one or more of the classes
of insurance business for which application is made and give
his reasons for so doing.
25. The registration shall be in the form of a certificate
which shall –
(a) specify the class of insurance business in
respect of which the insurer is registered to
carry on insurance business; and
(b) be prima facie evidence that the insurer
named on the certificate is registered to
carry on insurance business of the class
shown on the certificate.
26. (1) An insurer which ceases to carry on insurance
business of a class for which it is registered under this Act
shall notify the Commissioner in writing to this effect and
on being so notified, the Commissioner shall subject to
subsection (4) revoke the registration of the insurer in respect
of that class.
(2) Where an insurer is registered under this Act
to carry on insurance business and the Commissioner has
reason to believe that the insurer has not carried on that
insurance business within two years of the grant of
LAWS OF GUYANA
28 Cap. 91:02 Insurance
L.R.O. 1/2012
registration or has not done so for a period of more than two
years, he may serve on the insurer a notice requiring it to
satisfy him, within one month after the date of service of the
notice, that it is carrying on the registered insurance
business in Guyana.
(3) The Commissioner may revoke the
registration of an insurer on which notice is served under
subsection (2) where the insurer does not within the time
specified in that subsection satisfy the Commissioner that it is
carrying on insurance business in Guyana.
(4) The Commissioner shall not revoke the
registration of an insurer in respect of a particular class of
insurance business so long as the insurer is under liability to
Guyana policy-holders unless he is satisfied that -
(a) reasonable provision has been or is
being made to meet that liability; and
(b) adequate arrangements have been
or are being made for payment in
Guyana of premiums and claims; on
those policies.
(5) The Commissioner may revoke the registration
of an insurer if it appears to him that –

(a) the insurer is or is likely to be unable
to meet its obligations, or has
unreasonably delayed settlement of
claims payable on policies issued by
it;
(b) the insurer has failed to comply with
any of the provisions of this Act;

LAWS OF GUYANA
Insurance Cap. 91:02 29
L.R.O. 1/2012

Annual
Accounts.
(c) the insurer has not, within a period of
one month from the date on which the
Commissioner required from it in
writing any information which he was
entitled to require from it under this
Act furnished that information duly
and satisfactorily; or
(d) the registration was procured as a
result of any misleading or false
representation or in consequence of
any incorrect information (whether
the representation was made or
information was supplied wilfully or
otherwise).
(6) The Commissioner shall, when the registration
of the insurer is cancelled -
(a) within fourteen days of the
cancellation, give written notice of
cancellation to the insurer specifying
the reasons for the cancellation of the
registration of the insurer; and
(b) require the insurer to deliver its
certificate of registration to him
within twenty-eight days of the
cancellation or such shorter period as
may be specified in the notice.
PART VIII
ACCOUNTS AND DOCUMENTS
27. (1) An insurer other than an external insurer shall
at the expiration of each financial year prepare a revenue
account in respect of each class of insurance business
carried on.
LAWS OF GUYANA
30 Cap. 91:02 Insurance
L.R.O. 1/2012

Compliance.
c. 89:01.

External
insurer annual
account.

(2) An insurer other than an external insurer,
which carries on both long-term and general insurance
business, shall prepare a separate profit and loss account
(or income and expenditure account if the long-term
insurance business is not operated for profit) and balance
sheet in respect of long-term insurance business.
(3) An insurer other than an external insurer shall
submit any report on the affairs of the insurer submitted to
shareholders or policy-holders in respect of the financial year.
28. (1) An insurer other than an external insurer shall
comply –
(a) with sections 157 to 169
(Financial Disclosure) of the
Companies Act and with the Sixth
Schedule of that Act as modified for
insurance companies; and
(b) with, in the case of a mutual insurer,
the equivalent requirements as to
financial disclosure contained in the
law under which it is established.
(2) In addition to the requirements under
subsection (1) and section 27, an insurer carrying on general
insurance business shall state in its accounts the basis on
which it has provided for outstanding claims on its balance
sheet including the extent to which it has provided for claims
incurred but not reported.

29. (1) An external insurer shall at the expiration of
each financial year prepare, in relation to its activities in
Guyana, revenue accounts, a profit and loss account and a
balance sheet in the format prescribed by the Commissioner
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L.R.O. 1/2012

Annual filing.
for insurance in the country in which its head office is
situated.
(2) If not prepared in accordance with subsection
(1), an external insurer shall prepare a separate revenue
account, separate profit and loss account (or income and
expenditure account if the long-term insurance business is not
operated for profit) and balance sheet in respect of each class
of insurance business carried on.
30. (1) An insurer other than an external
insurer shall deposit with the Commissioner four copies
of each account prepared in accordance with section 27 and
four copies of the documents prepared under section 28
within six months of the end of each financial year. The said
four copies shall be typewritten and one copy shall be signed
by a director and the secretary of the insurer and shall
indicate the date on which the accounts were approved by the
board.
(2) An external insurer shall deposit with the
Commissioner four copies of the materials prepared in
accordance with section 29 within six months of the end of
each financial year. The said four copies shall be typewritten
and one copy shall be signed by a director, the secretary, and
the main representative of the insurer and shall indicate
the date on which the accounts were approved by the
board.
(3) The documents prepared by the insurer in
accordance with subsections (1) and (2) shall be approved by
an independent auditor, paid for at the expense of the insurer,
and proof of the approval of the independent auditor shall be
submitted with the documents prepared in accordance with
subsections (1) and (2).
(4) If in any case it is made to appear to the
Commissioner that the circumstances are such that a
LAWS OF GUYANA
32 Cap. 91:02 Insurance
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Associated
groups.


longer period than six months should be allowed he may,
at the written request of the insurer, extend that period by not
more than three months.
(5) The written request referred to in subsection
(4) shall be filed with the Commissioner prior to the date on
which the six months expired.
31. Where two or more insurance companies, that
operate as separate entities that can be wound up in
accordance with the law under which they are incorporated,
are associated together in a group, then, in addition to the
separate accounts required by section 30, the Commissioner
may require the parent company or association of the group
to prepare, at the end of each financial year and in the
prescribed form and manner –
(a) a consolidated balance sheet showing at the
close of the financial year, the position as a
group of the parent company or association
and all its subsidiary companies;
(b) a consolidated profit and loss account
showing the profit or loss as a group of the
parent company or association and all its
subsidiary companies during the financial
year; and
(c) such other documents as may be prescribed,

and the balance sheet and profit and loss account shall bear a
certificate by an auditor approved by the Commissioner as to
whether in his opinion it gives a true and fair view of the
financial, position as a group at the close of that financial
year or, as the case may be, of the profit and loss as a group
during that financial year, of the parent company or
association and all its subsidiary companies.
LAWS OF GUYANA
Insurance Cap. 91:02 33
L.R.O. 1/2012
Investigation
by actuary.

Explanation
and additional
information.
32. (1) Every insurer carrying on long-term insurance
business shall once in every three years cause an investigation
to be made into its financial condition, including its
liabilities, by an actuary and furnish the Commissioner an
abstract of the result of the investigation.
(2) The abstract referred to in subsection (1) above
shall indicate the basis of valuation adopted and the resulting
surplus or deficit.
(3) An insurer carrying on long-term insurance
business with a view of distribution of surplus shall not pay,
allocate or transfer any part of the assets of its statutory
fund established under section 46 except with approval of
the Commissioner and on the basis of the abstract referred to
in subsections (1) and (2).
33. (1) Where it appears to the Commissioner that
any account, balance sheet, abstract, statement or return filed
with him by an insurer in accordance with this Act
(a) is in any particular
unsatisfactory, incomplete, incorrect
or misleading; or
(b) does not comply with the
requirements of this Act,
he may, by written notice served on the insurer, require such
explanations or additional information as he considers
necessary and the insurer shall respond within fourteen days
of receiving notice from the Commissioner.
(2) After considering any explanations made by or
on behalf of the insurer or where no explanations were made
within the time specified in the notice, the Commissioner may
reject the account, balance sheet, abstract, statement or return
and give such directions as he thinks necessary for varying
LAWS OF GUYANA
34 Cap. 91:02 Insurance
L.R.O. 1/2012

Shareholder
copy.

Production of
documents.
the account, balance sheet, abstract, statement or return. The
insurer shall have thirty days to comply with the
Commissioner's directions.
(3) If the Commissioner is not satisfied with the
accounts and additional information under subsection (1), he
may require an audit to be carried out at the expense of the
insurer.
(4) If the Commissioner sees fit, he may at any
time require an audit to be carried out at the expense of the
insurer in order for the Commissioner to carry out his duties
under this section.
34. A printed copy of the latest account or balance
sheet of an insurer filed with the Commissioner in
accordance with section 30 shall, on the application of a
shareholder of the insurer, be forwarded to him by the
insurer.
35. The Commissioner may under special
circumstances require an insurer registered under this Act
to carry on insurance business to –

(a) furnish him at such time and in such
manner as he may determine with such
information in connection with its insurance
business as he may specify;
(b) produce at such time and place as he
may determine such books or papers in
connection with its insurance business as he
may specify; or
(c) produce forthwith to that person
authorised in writing by the
Commissioner such books or papers as the
LAWS OF GUYANA
Insurance Cap. 91:02 35
L.R.O. 1/2012

Mutual
insurers.

c. 89:01.
c. 89:01.

Acquisition or
redemption of
shares
c. 89:01.

Directors
c. 89:01.
Licensed
financial
institution.
c. 85:03.
person may specify.
36. (1) On and after the commencement of this
Act any written law which establishes or confirms the
establishment of a mutual insurer shall, in so far as it relates
to auditors, cease to have effect whereupon the qualifications,
powers and duties of auditors of a mutual insurer shall be
those mentioned in sections 170 to 172 and 174 to 186 of the
Companies Act.
(2) References to shareholders in the provisions of
the Companies Act mentioned in subsection (1) shall be
deemed references to "members" and “profit and loss
accounts" shall include reference to any revenue or other
account which the insurer customarily presents to its
members as part of its annual report in order to explain the
state of affairs of the insurer.
37. Sections 38, 39 and 40 (acquisition or
redemption of own shares) of the Companies Act shall not
apply to an insurer registered under this Act unless the
Commissioner decides otherwise.
38. Notwithstanding anything to the contrary
contained in the Companies Act, an insurer, other than an
external insurer, to which this Act applies, shall have at least
two directors and any balance sheet to be delivered by it to
the Commissioner under this Act shall be signed by a director
and the insurer’s secretary.
39. (1) An insurer to which this Act applies shall be
deemed to be a licensed financial institution under the
Financial Institutions Act, but only in relation to section 14
("restriction on certain financial activities") and section 28
("conflicts of interest").
(2) In sections 14 and 28 referred to in subsection
(1), references to "the Bank" shall, in so far as insurance
LAWS OF GUYANA
36 Cap. 91:02 Insurance
L.R.O. 1/2012

Deposits.

Assets of the
insurer.
companies to which this Act applies be references to "the
Commissioner".
PART IX
DEPOSIT
40. (1) An insurer may not be registered under this
Act and may not carry on any class of insurance business
unless it has made the appropriate deposit under this section.
(2) Where an insurer proposes to carry on –
(a) long-term insurance business, the
deposit shall be five million dollars
per class subject to adjustment by the
Commissioner after January 01, 2001
to reflect inflation; or
(b) any class of general insurance
business, the deposit shall be an
amount equal to twenty percent of the
net premium income of the insurer for
that class (after deduction of any
premium by the insurer for
reinsurance) in Guyana during the
financial year last preceding the
deposit, or five million dollars,
whichever amount is greater.
41. (1) All deposits made by an insurer under this Act
shall be deemed to form part of the assets of the insurer.
(2) All interest and dividend accruing on any
securities deposited under this Act shall be paid to the insurer
making the deposit.

LAWS OF GUYANA
Insurance Cap. 91:02 37
L.R.O. 1/2012

Evidence of
deposit.

Accounting of
deposit.
Stolen,
destroyed or
damaged
deposit.
(3) Where an insurer ceases to be registered, any
deposit or part of it may be retained by the Commissioner
until he is satisfied that liabilities to policyholders have, been
met.
42. The Commissioner shall, on demand by an
insurer, furnish the insurer with a certificate in writing setting
out the nature and extent of any deposit held by him together
with the particulars of the securities, if any, forming the
whole or part of the deposit.
43. (1) If an insurer has made a deposit pursuant to
section 40, at the end of each financial year, the insurer, shall,
where necessary, deposit or be refunded, an amount equal to
the difference between the last preceding deposit and
twenty percent of the net premium income during each
financial year, except that the deposit shall not be less than
five million dollars.
(2) A directive to the insurer dictating the amount
the insurer needs to deposit shall not be issued until the
Commissioner has given an opportunity to the insurer to be
heard in connection with the matter.
(3) An insurer that fails to deposit with the
Commissioner money or approved securities or both as
required by him under this section is guilty of an offence and
the Commissioner may, if he deems it necessary in the
interest of the policy-holders, cancel the registration of that
insurer.
44. If any moneys or securities held by Commissioner
as the deposit, or part of it, are, while so deposited, lost,
stolen, destroyed or damaged, the injury occasioned to
all persons interested in the moneys or securities shall be
made good out of moneys to be appropriated by the
Minister for the purpose.

LAWS OF GUYANA
38 Cap. 91:02 Insurance
L.R.O. 1/2012
Substitute
deposits.

Establish
statutory fund.
45. An insurer may, at any time, substitute for any
security or cash held by the Commissioner as the deposit, or
part of it, required to be made by the insurer under this Act,
any approved security or cash, but so that the total amount
then deposited is not less than the amount required by this
Act and any security or cash so substituted is subject to the
same charge or liability as the security or cash withdrawn.
PART X
STATUTORY FUNDS
46. (1) Every insurer registered under this Act to carry
on insurance business shall establish and maintain a statutory
fund in respect of each class of insurance business.
(2) The statutory fund shall be established on the
date on which the insurer commences the carrying on of each
class of insurance business or not later than four months after
the commencement of this Act, whichever is the later date.
(3) The fund referred to in subsection (1) shall be
established and maintained –
(a) in the manner mentioned in
subsections (4), (5) and (6); and
(b) under an appropriate name in
respect of each class of insurance
business referred to in subsection (1).
(4) Every insurer carrying on long-term insurance
business in Guyana shall place in trust in Guyana assets
equal to its liabilities and contingency reserves less the
amount deposited on account of the insurance business
pursuant to this Act with respect to its Guyana policy-holders
as established by the balance sheet of the company or
association at the end of its last financial year.
LAWS OF GUYANA
Insurance Cap. 91:02 39
L.R.O. 1/2012

Assets.
(5) Every insurer carrying on non-long-term
insurance business in Guyana shall place in trust in Guyana
assets equal to its liabilities and reserves less the amount
deposited on account of the insurance business pursuant to
this Act with respect to its policy-holders in Guyana as
established by the revenue account of the company or
association at the end of its last financial year.
(6) Assets required pursuant to subsections (4)
and (5) shall be so placed not more than four months after
the end of the financial year to which the balance sheet or the
revenue account of the company or association relates.
47. (1) Subject to subsections (2) and (3), the assets
representing each statutory fund of an insurer shall not be
applied directly or indirectly to any class of insurance
business other than that in respect of which the fund was
established and is being maintained.
(2) Where the value of the assets mentioned in
subsection (1) is shown on an actuarial investigation made
under this Act to exceed the amount of the liabilities
attributable to any class of insurance business, the restriction
imposed by subsection (1) shall not apply to so much of those
assets as represents the excess.
(3) Nothing in subsection (1) shall be construed as
precluding an insurer from exchanging, at fair market value,
assets representing each statutory fund for other assets of the
company or association.
(4) The provisions of subsection (1) shall apply
notwithstanding any arrangements for the subsequent
repayment to the fund of any money out of the receipts of any
other class of insurance business.
(5) Any mortgage or charge, including a charge
LAWS OF GUYANA
40 Cap. 91:02 Insurance
L.R.O. 1/2012

Trusts.
imposed by a court on the application of a judgment creditor,
shall be void to the extent to which it contravenes the
provisions of subsection (1).
(6) No insurer and no insurance company or
association of which any such insurance company or
association is a subsidiary shall declare a dividend at any
time when the value of the assets representing each
statutory fund established and maintained by the company or
association as determined in such manner as may be
prescribed, is less than the amount of the liabilities
attributable to that insurance business.
(7) A company or association that carries on more
than one class of insurance business in respect of which it
is required to establish and maintain a statutory fund shall
keep such books of accounts and other records as are
necessary for the purpose of identifying -
(a) the assets respecting each statutory fund;
and
(b) the liabilities attributable to each class of
insurance business.
48. (1) A trust referred to in subsections (4) and (5) of
section 46 shall be created by a trust deed the contents and the
trustees of which shall be approved by the Commissioner
before the trust is created and the deed shall be in such form
as may be prescribed.
(2) Notwithstanding the provisions of subsection
(1), the Commissioner may on such terms and conditions as
the Minister thinks fit, allow the assets required to be held
in trust in Guyana to be placed in trust outside Guyana.

LAWS OF GUYANA
Insurance Cap. 91:02 41
L.R.O. 1/2012

Approval of
Commissioner.

Long-term
insurance fund.

Statutory fund
statement.
(3) The Commissioner may for the purposes of
this section allow the assets required to be placed in trust to
be held by a bank to the order of or on behalf of the
Commissioner and such assets shall be deemed to be placed
in trust and the bank shall be deemed to be a trustee.
49. (1) A trustee may not deal with any assets held in
trust by him without the prior general or specified approval
of the Commissioner.
(2) A trustee shall submit to the Commissioner in
such form and at such times as may be prescribed, a list of the
assets held in trust by him pursuant to section 46.
(3) A trustee who contravenes the provisions of
subsection (1) shall be under the same liability as if the
appropriate policy-holders had been beneficiaries of the trust.
50. The long-term insurance business fund established
pursuant to section 46 shall be the security of the policy-
holders as though it belonged to an insurer carrying on no
other insurance business than long-term insurance business
and is not liable for any contracts of the insurer for which it
would not have been liable had the insurance business of the
insurer been only that of long-term insurance, and is not to be
applied, directly or indirectly, for any purpose other than that
of long-term insurance business.
51. The insurer, shall within thirty days after the
date of establishment of the statutory fund mentioned in
section 46 or within such further time as the Commissioner
may allow and thereafter within six months of the expiration
of each financial year, furnish the Commissioner with a
statement in accordance with the prescribed form showing –
(a) particulars of the liabilities of the insurer in
respect of which the fund is established, as
at the date of establishment of the fund;
LAWS OF GUYANA
42 Cap. 91:02 Insurance
L.R.O. 1/2012

Unsatisfactory
statement.


Furnish
information.
(b) particulars of the assets comprising the
fund; and
(c) such additional information relating to the
fund as he may require.
52. If it appears to the Commissioner that -
(a) a statement furnished to him under section
51 is in any respect unsatisfactory,
incomplete, inaccurate or misleading or
otherwise fails to comply with the
requirements of that section; or
(b) the value of the assets, or of the assets
included in a particular class of assets as
shown by the statement is insufficient or
excessive,
the Commissioner may, after considering any explanation
made by or on behalf of the insurer, give to the insurer, such
directions in writing as he thinks necessary for
(i) the variation of the statement; and
(ii) for an increase or decrease in the
value of the assets respectively,
and the insurer shall within thirty days comply with any
directions so given.

53. An insurer shall, if directed by the Commissioner,
furnish him within thirty days or within such further time as
the Commissioner may allow, with such information as he
requires for the purpose of exercising his powers under
sections 51 and 52.

LAWS OF GUYANA
Insurance Cap. 91:02 43
L.R.O. 1/2012
Assets.

Investment in
Guyana.
54. The assets shown by a statement furnished to the
Commissioner by an insurer under section 51, or by the
statement as varied, where directions are given by the
Commissioner, or on appeal, for the variation of the
statement, as being assets of any statutory fund, shall be
deemed to form part of those assets, unless they more
properly form part of the assets of some other statutory fund.
55. (1) Subject to subsections (2) and (4), every insurer
carrying on long-term. insurance business in Guyana under
this Act shall have assets invested in Guyana and shall
maintain such assets in an amount of not less than eighty- five
per cent of its statutory fund, provided however that for
each percentage point of its assets invested in the common
stock or long term debt of a company in Guyana, the eighty-
five percent minimum may be reduced by one percentage
point, up to a maximum of a ten percentage point reduction.
(2) An insurer carrying on long-term insurance
business in Guyana may, for the purpose of complying with
the requirements of subsection (1), invest each year in assets
in Guyana and keep invested therein an amount not less than
eighty per cent of its net premium income in that year in
respect of long- term insurance policies issued in Guyana
until the amount so invested is equal to the amount of
investment required by subsection (10).
(3) Every insurer carrying on long-term insurance
business in Guyana shall invest each year in securities
approved by the Commissioner subject to such terms and
conditions as may be imposed by him an amount equal to
twenty per cent of the increase in that year of its statutory
fund as mentioned in subsection (1) of section 46 and the
amount so invested is reckoned as part of the investment
required by this section to be made by the insurer.
(4) The assets of a statutory fund shall not be
invested except in the securities specified in Schedule 3.
LAWS OF GUYANA
44 Cap. 91:02 Insurance
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Schedule 3

Application for
confirmation
of scheme.
(5) The Minister may amend by order Schedule 3.

PART XI
ACQUISITION, TRANSFER AND AMALGAMATION

56. (1) An insurer shall not transfer or amalgamate
any class of its insurance business, either in whole or in
part, to or with the insurance business of any other insurer,
except in pursuance of a scheme prepared in accordance with
this Part and confirmed by the Commissioner.
(2) An application for the confirmation of a scheme
shall be made to the Commissioner by or on behalf of any
insurer engaged in the acquisition, transfer or amalgamation,
and an application with respect to any matter connected with
a scheme or a proposed scheme may be made at any time
before it is confirmed, by any person who, in the opinion of
the Commissioner is likely to be affected by the scheme
or the proposed scheme.
(3) Where an application is made under
subsection (2), the Commissioner shall set a date not less than
two months from the date of the application for the hearing
thereof.
(4) At the hearing of the application the insurer is
entitled to appear and to be heard either through one of its
officers or through an attorney-at-law. The Commissioner
may hear such other evidence as he considers necessary and
any person who, in the opinion of the Commissioner is likely
to be affected by the scheme is entitled to be heard.
(5) In the case of an external insurer, the
provisions of this section shall apply only to the acquisition,
transfer or amalgamation of insurance business relating to
policies in Guyana.
LAWS OF GUYANA
Insurance Cap. 91:02 45
L.R.O. 1/2012
Terms of
agreement.


Requirements
for
confirmation.

57. A scheme shall set out the terms of the agreement
or deed under which it is proposed to effect the acquisition,
transfer or amalgamation and shall contain such further
provisions as are necessary to give effect thereto.
58. Before a scheme for the acquisition, transfer or
amalgamation of any class of insurance business of an insurer
is confirmed by the Commissioner -
(a) certified copies of the assets and liabilities of
the companies engaged in the acquisition,
transfer or amalgamation shall be submitted
to the Commissioner;
(b) a copy of the scheme together with copies of
the actuarial and other reports, if any, upon
which the scheme was founded, shall be
submitted to the Commissioner;
(c) copies of the scheme and of every
report submitted to the Commissioner or
summaries of the scheme and reports
approved by the Commissioner shall, unless
the Commissioner otherwise directs, be
transmitted to every policy-holder of any
class of insurance business affected by the
scheme by the companies engaged in the
acquisition, transfer or amalgamation, at
least fifteen days before the application for
confirmation of the scheme is to be heard;
(d) notice of the intention to make the
application (the notice to contain such
particulars as may be prescribed) shall, not
less than one month after the copy of the
scheme is submitted to the Commissioner,
be published in the Gazette and in such local
LAWS OF GUYANA
46 Cap. 91:02 Insurance
L.R.O. 1/2012

Policy-holder
dissent.
newspapers as may be approved by the
Commissioner;
(e) the scheme shall be open for inspection by
any policy-holder or shareholder affected by
it, for a period of fifteen days after the
publication of the notice, at the office of each
insurer engaged in the acquisition, transfer
or amalgamation;
(f) the Commissioner may cause a report on the
scheme to be made by an independent
actuary and shall cause copy of the report to
be sent to each of the companies engaged in
the acquisition, transfer or amalgamation;
and
(g) the Commissioner may give directions
concerning –
(i) the publication of advertisements of
the scheme;
(ii) the giving of notices to shareholders,
policy- holders or creditors of the
companies; or
(iii) the holding of meetings of any insurer
affected and such directions shall be
complied with by the person to whom
they are given.

59. The Commissioner shall not sanction a scheme
unless –
(a) the provisions of this Part are complied with;

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Notice of
confirmation.

(b) subject to paragraph (c), a number of policy-
holders representing no more than ten
percent of the total amount assured in any
one portfolio involved in the scheme dissent
therefrom;
(c) in the case of a group policy, a number of
policy-holders representing not more than
twenty-five percent of the total group in
any one portfolio to which the scheme
relates, dissent therefrom; or
(d) he is satisfied that the acquisition,
amalgamation or transfer is not detrimental
to the policy-holders.
60. (1) The Commissioner shall give notice to the
insurers regarding whether he confirms or disapproves of the
scheme within one month of the hearing on the scheme.
(2) When confirmed by the Commissioner, the
scheme shall be binding on all persons and shall have effect
notwithstanding anything in the instruments constituting the
insurer or in the articles of association or in any rules of the
insurer. The directors of any insurer affected by the scheme
shall cause a copy of the scheme to be filed with the Registrar
of Companies.
(3) All expenses incurred by the Commissioner in
obtaining the report of any actuary on the scheme or any
other expenses that the Commissioner has related to
approving the acquisition, amalgamation or transfer shall be
defrayed by the companies engaged in the acquisition,
transfer or amalgamation, and any sum due in respect of
those expenses may be recovered summarily as a civil debt by
the Commissioner from the companies either jointly or
severally.

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Acquisition of a
class of
business.
Conversion
into mutual
companies and
vice versa.
61. Where any class of insurance business carried on
by an insurer is acquired, transferred to or amalgamated with
the insurance business of another insurer, the insurer to
which the insurance business is acquired, transferred or the
insurer carrying on the amalgamated insurance business
shall, within one month after the acquisition, transfer or
amalgamation, submit to the Commissioner –
(a) a certified copy of the, agreement or deed
under which the acquisition, transfer or the
amalgamation is effected; and
(b) a statutory declaration made by the
Chairman of the Board of Directors or by the
principal representative of the insurer –
(i) specifying every payment made or to
be made to any person in respect of
the acquisition, transfer or
amalgamation; and
(ii) stating that to the best of his
knowledge and belief no other
payment, other than those specified
has been or is to be made in money,
policies, bonds, valuable securities
property of any description or any
other valuable consideration, by or
with the knowledge of any parties to
the acquisition, transfer or
amalgamation.

62. (1) Notwithstanding anything in its,
memorandum or other instruments of incorporation or in
its articles or other rules or in this Act, a company or
association incorporated in Guyana that has a share capital
and that is registered under this Act to transact long-term
insurance business, whether alone or in combination with any
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Intervention.
other class of insurance business, may, with the approval of
its shareholders constituting not less than three fourths of the
number of its shareholders and together holding not less than
three-fourths of its share capital and with the permission of
the Commissioner, establish and implement a plan for the
conversion of the company or association into a mutual
company by the purchase of shares of the company or the
conversion of the shares into debentures in accordance with
such conditions as may be prescribed.
(2) A company may be demutualised by means of
the procedure specified in subsection (1).
PART XII
INTERVENTION, JUDICIAL MANAGEMENT AND
WINDING UP
63. (1) Subject to subsection (2) and to sections 64 and
65, the Commissioner may at any time intervene in the affairs
of an insurer registered under this Act.
(2) The power of intervention conferred by
subsection (1) shall be exercisable where the Commissioner is
satisfied that –
(a) the exercise of the power is essential in
order to protect policy-holders or
potential policy-holders of the insurer
against the risk of the insurer’s
inability to meet its liabilities or,
where an insurer is carrying on long-
term insurance business, to fulfil the
reasonable expectations of policy-
holders or potential policy-holders;
(b) the insurer has failed to satisfy any
obligation imposed on it by this Act;

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Notice of
intervention.
(c) the insurer has furnished misleading
or inaccurate information to the
Commissioner under or for the
purposes of any provision of this Act;
(d) an application for registration would
be refused if such an application were
made at the time of the proposed
intervention;
(e) an insurer which is carrying on
general insurance business is deemed
to be unable to pay its debts;
(f) in the case of an insurer which is
carrying on long-term insurance
business, the value of the assets
representing the statutory fund
maintained in respect of such class of
insurance business does not exceed
the liabilities of that insurance
business;

(g) there has been unreasonable delay in
the settlement of claims under
policies issued by the insurer; or
(h) it is in the best interests of the policy-
holders for him to intervene.

64. (1) The Commissioner shall, before exercising the
power conferred on him by section 63 serve on the insurer a
written notice to the effect that –
(a) he is considering exercising the power
and the ground on which it may be
exercised; and
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Exercise of
intervention
power.
(b) the insurer may within thirty days of
the date on which the notice is served
make written representations to the
Commissioner.
(2) Before exercising his power of intervention the
Commissioner shall take into consideration any
representations made to him pursuant to paragraph (b) of
subsection (1).
65. (1) The Commissioner may, where he exercises
his power of intervention, require the insurer by instrument
in writing –
(a) to refrain, as of the date specified in
the instrument -
(i) from effecting any contracts
of insurance either generally
or with respect to a
specified class whether or
not the effecting of the
contract falls within a class of
insurance business which the
insurer is authorised to carry
on; or
(ii) from varying any existing
contracts;
(b) to limit to a specified amount the
aggregate amount of premiums to be
written by the insurer whether the
aggregate relates to premiums to be
received by the insurer or to the
aggregate after deducting any
premiums payable by the insurer for
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reinsuring the liabilities in
consideration of which premiums are
to be received;
(c) to refrain from naming investments of
a specified class or description;
(d) to realize, before the expiration of
the period specified in the
instrument, the whole or a specific
proportion of investments of a
specified class or description held by
the insurer;
(e) to prepare and submit. at earlier
and with greater frequency the
documents required to be prepared
under section 27;
(f) to have an actuary or any other
person appointed by the
Commissioner investigate the
financial position of the insurer in
respect of its insurance business or
any part thereof and to submit
to the Commissioner a report of the
investigation on or before a specified
date; or
(g) to take such action as appears to him
to be necessary for the purpose of
protecting policy-holders or potential
policy-holders of the insurer against
the risk that the insurer is or is likely
to be unable to meet its liabilities or,
in the case of an insurer carrying on
long-term insurance business, to fulfil
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Winding-up.
c. 89:01


Petition.
the reasonable expectations of policy-
holders or potential policy-holders.
(2) The Commissioner may, where he considers it
desirable so to do rescind or vary any requirement imposed
by him on an insurer pursuant to subsection (1).

(3) Notice of the imposition of a requirement or of
the rescission or variation thereof may be published in the
Gazette and in such local newspapers as may be approved by
the Commissioner.
(4) Any costs to the Commissioner or to the
Commissioner’s office incurred with respect to the
Commissioner's duties under this section and sections 63 and
64 shall be paid for by the insurer for which the
Commissioner had to intervene. Procedures for the
reimbursement of the Commissioner and the Commissioner's
office shall be determined by the Minister.
66. (1) The Court may order the winding up of an
insurer to which this Act applies in accordance with Part V of
the Companies Act, subject to the modification that the
insurer may be ordered to be wound up on the petition of ten
or more policy-holders.
(2) The petition mentioned in subsection (1) shall
not be presented except by leave of the Court and leave shall
not be granted until a prima facie case has been established to
the satisfaction of the court and until security for costs for
such amount as the court may think reasonable has been
given.
67. (1) Where the Commissioner is satisfied that it is
necessary or proper that the insurer ought to be wound up, he
may, with the leave of the court, present a petition –
(a) for the winding up by the Court, of
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the insurer on the ground –
(i) that the insurer has
contravened section 21;
(ii) in the case of an insurer, that
was carrying on insurance
business in Guyana before the
commencement of this Act and
registration of which insurer
under this Act has been
refused, that it is in the interest
of the policy-holders that the
insurer be wound up;
(iii) in the case of an insurer the
registration of which under this
Act has been cancelled, that it is
in the interest of the policy-
holders that the insurer be
wound up;
(iv) that any officer of the insurer or
its holding company refuses to
comply with any requirements
under section 46;
(v) that the results of an
investigation of the insurer are
such that it is in the interest of
the policy-holders that the
insurer be wound up; or
(vi) that the insurer is insolvent
pursuant to section 68; or
(b) for an order that the insurer or any
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Insolvency.
part of the insurance business of the
insurer be placed under judicial
management on the ground -
(i) that the insurer is in financial
difficulties;
(ii) that the insurance business of
the insurer is not being
conducted in accordance with
sound insurance principles and
practice; or
(iii) that it is otherwise in the
interest of the policy-holders
that such an order be made,
and the Court may order accordingly.
(2) An insurer may, in respect of itself, after giving
the Commissioner one month's notice in writing of its
intention so to do, petition the Court for any order specified
in subsection (1).
(3) Both the insurer and the Commissioner are
entitled to be heard on any petition presented to the Court
under this section.

(4) Where a petition is presented under this
section for an order in respect of any insurer, all actions and
the execution of all writs, summonses and other processes
against it shall, by virtue of this section, be stayed and shall
not be proceeded with unless, the leave of the Court is first
obtained or unless the Court otherwise directs.
68. (1) An insurer shall be deemed insolvent -
(a) in the case of an insurer carrying on
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long-term insurance business and no
general insurance business, if the
value of its assets does not exceed the
amount of its liabilities, the value of
the assets and liabilities being
certified by an independent actuary;
(b) in the case of an insurer carrying on
general insurance business and no
long term insurance business, if the
value of its assets does not exceed the
amount of its liabilities by-
(i) one million dollars or an
equivalent sum in other
currency; or
(ii) twenty-five percent of its
premium income in respect of
its general insurance business
in its last preceding financial
year,
whichever is, the greater amount;
(c) in the case of an insurer carrying on
both long-term insurance business
and general insurance business, if the
value of its total assets does not
exceed its total liabilities by the
greater of the amounts specified in
subparagraphs (i) and (ii) of
paragraph (b); or
(d) until the contrary is proved, if the
insurer fails to furnish to the
Commissioner any of the information
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Schedule 1.
Appointment
of judicial
manager.

required by section 30 within the
specified time period.
(2) For the purposes of this section –
(a) in computing the amount of the
liabilities of an insurer, all contingent
and prospective liabilities shall be
taken into account, but not liabilities
in respect of share capital; and
(b) the premium income of an insurer in
respect of its general insurance
business in each financial year shall
be taken to be the net amount (after
deduction of any premiums paid by
the insurer for re-insurance) of the
premiums received by that insurer
in that year in respect of all
insurance business of a class specified
in Schedule 1.
69. (1) Where an order for the judicial management of
an insurer or of part of the insurance business of an insurer is
made after the hearing of a petition under section 67, the
provisions of this section and of sections 70 to 73, inclusive,
shall apply.
(2). The Court shall appoint the Commissioner as
judicial manager.
(3) The Court may direct how and by whom the
remuneration, charges and expenses of the judicial manager
shall be borne and may, if it thinks fit, charge that
remuneration and those charges and expenses on the
property of the insurer in such order of priority in relation to
any existing charges on that property as it thinks fit.

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Cancellation of
order.

Report to Court
by judicial
manager.
(4) The management of the insurer, or of such part
of the insurance business of the insurer as the order of the
Court directs, shall, on a date specified in the order, vest in
the judicial manager appointed by the Court to the exclusion
of any person vested with any such management immediately
before that date; but, except with the leave of the Court, the
judicial manager shall not issue any new policy or renew any
existing policy or enter into any new contract.
(5) The Court shall issue such directions to the
judicial manager as to his powers and duties as it deems
desirable in the circumstances of the case.
(6) The judicial manager shall act under the
control of the Court and may apply to the Court at any time
for directions as to the manner in which he shall conduct the
judicial management or in relation to any matter arising in the
course of the judicial management.

70. Where at any time, on the application of the
judicial manager or of any person appearing to the Court to
have an interest in the matter, it appears to the Court that the
purpose of the order for the judicial management of the
insurer or of part of the insurance business of the insurer has
been fulfilled, or that for any reason it is undesirable that the
order should remain in force, the Court may cancel the order
and thereupon the judicial manager shall be divested of the
management which shall again vest in the board of directors
or other governing body of the insurer.
71. (1) The judicial manager shall conduct the
management of the insurer with the greatest economy
compatible with efficiency and shall, as soon as practicable,
file with the Court a report stating which of the
following courses is in the circumstances, in his opinion, most
advantageous to the general interests of the policy-holders of
the insurer –
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Acceptance of
judicial
manager
report.

(a) the transfer of all or any part of the
insurance business of the insurer to
some other insurer in pursuance of a
scheme prepared by the judicial
manager and annexed to the report;
(b) the carrying on of its insurance
business by the insurer either
unconditionally or subject to such
conditions as the judicial manager
may suggest;
(c) the winding-up of the insurer; or
(d) such other course as he considers
advisable.
(2) The report or a copy of the report shall be open
for inspection by any person during official working hours, at
the Registry of the Court in which the report is filed or at such
place as the Commissioner determines.
72. (1) The Court shall on an application made under
section 67(a) after hearing the Commissioner, the judicial
manager and any other person who in the opinion of the
Court is entitled to be heard; and after considering the report
of the judicial manager, make an order giving effect to the
course whether similar or not to any of the courses mentioned
in subsection (1) of section 71 which it considers in the
circumstances to be most advantageous to the interests of the
policy-holders of the insurer.
(2) The order of the Court is binding on all persons
and has effect notwithstanding anything in the instruments
constituting the insurer or in the articles of association or
other rules of the insurer or in any contract.

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Immunity.

Assets of
insurer.

Assets exceed
liabilities.

Subsidiary
insurers.
73. The judicial manager shall not be subject to any
action, claim or demand by, or liability to, any person in
respect of anything done or omitted to be done in good faith
in the discharge or in connection with the discharge, of
the functions conferred on the judicial manager under this
Part.
74. In the case of an insurer which carries on both
long-term and general insurance business -

(a) the assets representing long-term insurance
business funds shall be available only for
meeting the liabilities of the insurer
attributable to that insurance business; and
(b) the other assets of the insurer shall be
available only for meeting the liabilities of
the insurer attributable to its other insurance
business.
75. Where the value of the assets mentioned in
paragraph (a) or (b) of section 74 exceeds the amount of
liabilities mentioned in that paragraph the restriction imposed
shall not apply to so much of those assets as represents the
excess.
76. (1) Where the insurance business or any part of the
insurance business of an insurer has been transferred to
another insurer under an arrangement in pursuance of which
the first mentioned insurer, in this section called the
subsidiary insurer, or the creditors thereof has or have claims
against the insurer to which the transfer was made, in this
section called principal insurer, then if the principal insurer is
being wound up by or under the supervision of the Court, the
Court shall, subject as thereinafter mentioned, order the
subsidiary insurer to be wound up in conjunction with
the principal insurer, and may, by the same or a subsequent
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order appoint the same person to be liquidator for the two
companies, and make provision for such other matters as
seem to the Court necessary with a view to the companies
being wound up as if they are one insurer.
(2) The commencement of winding up of the
principal insurer shall, save as otherwise ordered by the
Court, be the commencement of the winding up of the
subsidiary insurer.
(3) In adjusting the rights and liabilities of the
members of the several companies between themselves, the
Court shall have regard to the constitution of the companies,
and to the arrangements entered into between the companies
in the same manner as the Court has regard to the rights and
liabilities of different classes of contributors in the case of
winding up of a single insurer, or as near thereto as
circumstances admit.
(4) Where an insurer alleged to be subsidiary is
not in process of being wound up at the same time as the
principal insurer to which it is subsidiary, the Court shall not
direct the subsidiary insurer to be wound up or unless, after
hearing all objections, if any, that are urged by or on behalf of
the insurer against its being wound up, the Court is of the
opinion that the insurer is subsidiary to the principal insurer,
and that the winding up of the insurer in conjunction with the
principal insurer is just and equitable.
(5) An application may be made in relation to the
winding up of a subsidiary insurer in conjunction with a
principal insurer by a creditor of, or person interested in, the
principal or subsidiary insurer.
(6) Where an insurer stands in the relation of a
principal insurer to one insurer, and in the relation of a
subsidiary insurer to some other insurer, or where there are
several companies standing in the relation of subsidiary
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Valuation of
policy.

Reduce
amount of
contracts.


Appointment
of officers.
companies to the one principal insurer, the Court may deal
with any number of such principal companies together or in
separate groups as it thinks most expedient upon
principles laid down in this section.
77. (1) Where an insurer is being wound up by or
subject to the supervision of the Court or voluntarily, the
value of a policy of any class or of a liability under a policy
required to be valued in the winding up shall be determined
by an actuary; and the liquidator, in the case of all persons
appearing by the books of the company or association to be
entitled to or interested in policies granted by the company or
association, shall give notice of that value to such persons and
in such a manner as the Court directs.
(2) Any person to whom notice is given under
subsection (1) is bound by the value ascertained in accordance
with that subsection unless, within, fourteen days of receipt of
the notice, he gives notice of his intention to dispute the
value.
78. The Court, in the case of an insurer that has been
proved to be unable to pay its debts, may, if it thinks fit,
reduce the amount of the contracts of the insurer upon such
terms and subject to such conditions as the Court thinks just,
in place of making a winding up order.
PART XIII
CHANGES OF MANAGEMENT
79. (1) No insurer shall appoint a person its chief
executive officer, chief actuary or controller or in the case of
an external insurer as a main representative unless –
(a) the insurer or the external insurer as
the case may be has advised the
Commissioner in writing that it
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Notice to
Commissioner.

Registration.
proposes to appoint such a person;
and
(b) the Commissioner has before the
expiration of three months beginning
with the date of his receiving such
written advice, notified the insurer in
writing that there is no objection to
that person being appointed or that
period has elapsed without the
Commissioner having served on the
insurer a written notice of objection.
(2) The Commissioner may serve notice of
objection if it appears to him that the chief executive officer,
chief actuary, controller or main representative is not a fit and
proper person to be appointed to the position in question.
(3) The Commissioner may take into account
any written or oral representations made to him by the
insurer and the chief executive officer, chief actuary,
controller or main representative concerned in relation to a
notice of objection served or to be served by him.
80. An insurer shall give written notice to the
Commissioner of the fact that any person has ceased to be a
chief executive officer, chief actuary, controller, or main
representative within one month of the insurer first becoming
aware of such cessation.
PART XIV
BROKERS
81. (1) Only corporations or partnerships registered
with and authorized by the Commissioner may carry on
insurance business as a broker in Guyana.

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Application for
registration.

Indemnity
insurance.
(2) An existing broker must register within three
months of the commencement of this Act.
82. (1) An application for registration shall be made
to the Commissioner in the prescribed form and shall be
accompanied by such documents as may be prescribed.
(2) Each application shall be accompanied by a
filing fee of fifty thousand dollars payable to the
Commissioner.
(3) On receipt of the application the Commissioner
may request such additional information as he may consider
necessary.
(4) The Commissioner shall not register an
applicant as a broker unless he is satisfied that the applicant
or any partner, controller or officer of the applicant, is
sufficiently qualified.
83. (1) The Commissioner shall not register a
broker and shall not renew the registration of a broker
unless he is satisfied that the broker maintains a policy or
policies of insurance which shall indemnify such broker
against losses arising from claims in respect of civil liability of
any description incurred by the broker or by employees or
former employees of the broker, and in respect of any class of
insurance with which the broker deals.
(2) The broker shall be required to have a
minimum of ten million dollars in indemnity insurance.
(3) The Commissioner shall not require the
broker to have more than two hundred and fifty million
dollars in indemnity insurance.

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Business name.


Restrictions on
application.

Certificate of
registration.
84. A firm applying for registration under this Part
shall include the words "insurance broker" or "risk manager"
or other terms approved by the Commissioner, in the
insurance business name of the firm and shall include
approved words on letterhead and promotional material in
relation to the broking business.
85. (1) No controller, officer or employee of an insurer
may apply for registration as a broker.
(2) No firm may apply for registration as broker
unless the insurance business contemplated is restricted to
that of broking and activities directly ancillary thereto.
(3) It shall be an offence for any person or firm to
use the words "insurance brokers" or "risk manager" in their
business name, on letterhead or in promotional material
unless the said person or firm is registered under this Part.
86. (1) As from January 01 following the
commencement of this Act, the Commissioner shall issue a
Certificate of Registration to every person registered under
this Part.
(2) The certificate shall be in the prescribed form,
shall be valid for one year and shall be renewable annually on
the anniversary date of its issue.
.
(3) An application for renewal shall be made to the
Commissioner in the prescribed form and shall be
accompanied by a renewal fee prescribed by the
Commissioner.
(4) The certificate shall be prominently displayed
at the principal place of business of the person to whom it is
issued.
(5) A person who fails to display a valid
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Impartiality.
Code of
conduct.
Schedule 4.
Premiums.
Broker deemed
agent of
insurer.

Agent.
certificate shall be guilty of an offence, subject to a fine of
ten thousand dollars.

87. Any person who is registered as broker and who
enters into an agreement relating to the preferential offer of
insurance business which is likely to impair his impartiality
or operate to the disadvantage or prejudice of his principal
shall be guilty of an offence. Such an offence shall not affect
the civil rights attaching to a principal disadvantaged or
prejudiced as aforesaid.
88. The Commissioner shall issue a code of conduct
for brokers registered under this Part which is substantially
similar in content to that set out in Schedule 4.
89. Any broker, in negotiating, renewing or
continuing a contract of insurance who receives a premium
for such a contract from the insured and fails to pay the
premium over to the insurer within such time after receipt by
him as may be agreed between him and the insurer, less his
brokerage and any other deductions to which, by written
consent, he is entitled, is guilty of an offence.
90. A broker shall for the purpose of receiving any
premium for a contract of insurance be deemed to be the
agent of the insurer and notwithstanding any conditions or
stipulations to the contrary, the insurer shall be deemed to
have received any premium received by the broker.
PART XV
AGENTS AND OTHER INTERMEDIARIES
91. In this Part, a person who is directly employed by
an insurer on a basis which includes commission on business
introduced or renewed by him is referred to as an agent.

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Registration.

Qualifications.

Delegation to
Insurance
Association of
Guyana.
92. (1) No person may carry on insurance business
as an agent unless he is registered to do so under this part.
(2) An existing agent must register within three
months of the commencement of this Act.
93. (1) An application shall be made annually to
the Commissioner in the prescribed form and shall be
accompanied by evidence of payment of the prescribed fee
and such documents as may be prescribed.
(2) Each application or renewal shall be
accompanied by a filing fee of two thousand dollars payable
to the Commissioner.
(3) Upon receipt of the application, the
Commissioner may request such additional information as
he may consider necessary.

(4) The Commissioner shall not register an
applicant as an agent unless he is satisfied that the applicant
is suitably qualified to be an agent.

94. In carrying out his duties under subsection (4) of
section 93, the Commissioner may, at his discretion, delegate
his responsibilities to the Insurance Association of Guyana, or
its successors, provided that the Insurance Association of
Guyana –
(a) files its articles of organization and by-laws
with the Commissioner;
(b) is open to membership by all insurers
registered in Guyana on a non-
discriminatory basis; and

(c) provides a course of continuing
education for agents in a manner
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Insurers.
Restrictions.

External
insurer agent.
satisfactory to the Commissioner.
95. Notwithstanding an agent’s status as a
registered agent in Guyana, it shall nevertheless be the
responsibility of each insurer having a contract with an agent-

(a) to consider whether or not the agent is a fit,
proper and competent person to fulfil the
post of agent;
(b) in the case of an agent with whom a contract
subsisted prior to the commencement of this
Act to consider whether or not that agent
has been carrying on his insurance business
in an efficient manner;
(c) to consider the suitability or continuing
suitability of an agent who has failed or
omitted to sit for any examination organized
by or on behalf of the insurer; and
(d) to have regard to any complaint received
from a proposer or policy-holder in relation
to an agent.
96. (1) No person shall carry on insurance business as
an agent if that person's insurance business falls within the
definition of broker in this Act.
(2) Any insurer which transacts insurance
business after the commencement of this Act with an agent in
relation to whom that insurer is aware or ought to be aware
that subsection (1) applies shall be guilty of an offence.
97. An insurer incorporated in Guyana whose
insurance business comprises acting as agent for an external
insurer shall, for the purposes of this Act, be deemed to be a
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Insurer to file
names and
addresses with
Commissioner.


Premiums.

branch of that insurer and shall comply with the requirements
of this Act and shall appoint a main representative for the
purpose of this Act.
98. (1) Every insurer to whom this Act applies shall
file with the Commissioner, along with the documents
referred to in section 30, a list of names and addresses of
agents with whom the insurer has a contract.
(2) It shall be the duty of an insurer to advise the
Commissioner in writing of any-
(a) change in the employment status
of the agent; and
(b) misconduct or material breach of the
agency agreement between the
insurer and any agent, including
failure to pay over premiums.
(3) Where the Commissioner receives any advice
under subsection (2)(b) he shall have the power to require
that the insurer discontinue its association with that agent
and that the agent be banned from serving as an agent in
Guyana.
99. (1) Where any agent acts in negotiating or
renewing or continuing a contract of insurance and receives a
premium for such a contract from the insured and fails to pay
the premium over to the insurer within such time after receipt
by him as may be agreed between him and the insurer, less
his commission and any other deductions to which, by
written consent, he is entitled, the agent is guilty of an
offence.
(2) Notwithstanding any conditions or
stipulations to the contrary, an insurer shall be deemed to
have received any premium received by an agent
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Other
insurance
intermediaries.

Registration.
Purpose of
fund.
appointed by that insurer.

100. No person may carry on or purport to carry on in
Guyana the business of an insurance salesman, sub-agent,
adjustor, loss assessor, insurance consultant, insurance
surveyor, or any other similar function related to the
business of insurance unless registered with the
Commissioner pursuant to regulations to be promulgated by
him at such time as he sees fit.
PART XVI
PENSION FUND PLANS
101. (1) No person may establish or operate a pension
fund plan (hereinafter referred to as "a plan") in Guyana
unless the plan is registered under this Part.
(2) A plan that exists at the time of the
commencement of this Act shall be registered within three
months of the enactment of this Act.
102. Subject to the provisions of this Part, where a
plan establishes a fund under trusts which are subject to
the Laws of Guyana, in connection with an undertaking
or a combination of undertakings carried on wholly or partly
in Guyana and the main purpose of that fund is –
(a) the provision of superannuating allowances
on retirement to persons employed in the
undertaking or in the combination of
undertakings in connection with which the
fund is established;
(b) the provision of pensions to the spouses of
persons who are or have been employed and
of periodical allowances to or in respect of
the children of such persons; or
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Part I of
Schedule 5.
Application for
registration.
(c) the assurance of capital sums on the death of
persons who were so employed,
such a plan shall be qualified for registration under this Part if
the rules of the plan comply with the requirements set out in
Part I of Schedule 5.
103. (1) An application for the registration of a
plan under this Part shall be addressed to the
Commissioner and shall–
(a) be in the form prescribed;
(b) be signed by the managers of the plan;
(c) specify the address at which
communications concerning the plan
will be received (thereinafter referred
to as "the address of the plan"); and
(d) be accompanied by –
(i) two copies of the trust deed
and the rules of the plan;
(ii) a copy of the actuarial report on
which the plan is based;
(iii) a list of the names and
addresses of the managers of
the plan;
(iv) in the case of an insured plan, a
copy of the policy of insurance
related to benefits provided by
the plan; and

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(v) such other documents or
further information as may be
prescribed.

(2) Each application shall be accompanied by a
filing fee of two hundred and fifty thousand dollars payable
to the Commissioner, provided however, that a manager of
more than one plan may consolidate his application and pay a
single filing fee.
(3) Self-administered plans for fewer than twenty-
five employees shall be exempt from the filing fee mentioned
in subsection (2).
(4) Where an application is made in accordance
with the provisions of this Part for the registration of a plan,
the Commissioner shall register the plan and the rules thereof
where he is satisfied that the plan has qualified for
registration.
(5) The Commissioner shall on registering a plan
under this Part enter in the register the address of the plan
and the names and addresses of the managers.
(6) Where –
(a) the trust deed or the rules, or both, of
a plan registered under this Part
(hereinafter referred to a "registered
plan") are amended; or
(b) there is any change in the address of
the plan or in the names or addresses
of the managers thereof,
the managers shall, within twenty-one days of the
amendment or the change, apply for the registration of the
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Amendment to
registered
plan.

Certificate of
Registration.
amendment or for the correction of the register in respect of
the change.
(7) An application for an amendment or for the
correction of the register in respect of a change shall be
addressed to the Commissioner and shall –
(a) be in the form prescribed;
(b) be signed by one of the managers of
the plan; and
(c) shall be accompanied by -
(i) in the case of an amendment,
two copies thereof signed by
one of the managers; or
(ii) in the case of a change, such
particulars as may be necessary
for the correction of the
register.
104. (1) An amendment to a trust deed or rules, or
both, of a registered plan shall not be valid unless the
amendment is registered.
(2) Where an application for the registration of
an amendment is made in accordance with subsection (7) of
section 103, the Commissioner shall register the amendment
where he is satisfied that the trust deed or the rules, or both,
as amended would not have disqualified the plan from
registration under this Part.
105. (1) The Commissioner shall on registering a plan
or any amendment to the trust deed or the rules, or both, of a
registered plan under this Part, issue to the applicant a
Certificate of Registration (hereinafter referred to as "a
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Winding-up of
a pension plan.

Rules of plan.
Certificate").
(2) Any document purporting to be a Certificate
issued under subsection (1) and purporting to be signed or
sealed by the Commissioner shall be received in evidence
and be deemed to be so issued, signed or sealed without
further proof unless the contrary is shown, and shall be
conclusive evidence of the fact certified.
(3) The managers of a registered plan shall be
exempt from paying taxes with regards to that plan.

106. (1) The registration of a plan shall not be cancelled
unless the plan has been wound up.
(2) The managers of a registered plan shall, within
fourteen days of the completion of the winding up of the
plan, notify the Commissioner in writing that the winding
up has been completed.
(3) On receiving notice in writing that a registered
plan has been wound up, the Commissioner shall cancel the
registration of the plan where he is satisfied that -
(a) the plan has been wound up; and
(b) the assets of the plan have been
applied in accordance with the rules
of the plan.
107. (1) Where an application is made under this Part
for the registration of a plan the rules of which were made
before the commencement of this Act, and the Commissioner
is satisfied that the rules of the plan contain provisions which
were embodied only for the purpose of avoiding the
application to the trusts of the plan of the rule of law relating
to perpetuities he may, at the request of the managers who
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Information or
explanation.
made the application –
(a) amend the rules by deleting those
provisions; and
(b) make any further amendments which
are, in his opinion necessary as a
result of the deletion.
(2) Where the rules of a plan are amended by the
Commissioner pursuant to subsection (1), the rules shall,
when registered, have effect subject to the amendments.
108. (1) The Commissioner may require any person
who is employed as an insurer, a manager or an officer of a
plan for which an application for registration has been made
under this Part, or any registered plan, to furnish either by
statutory declaration or otherwise, any information or
explanation which may be necessary for the proper
performance of the powers and duties of the Commissioner
under this Part.
(2) Where the managers of a registered plan
commit a breach of trust by making an unauthorised
investment or by violating any rule of the plan, where the
rule is necessary for registration under this Part, the
Commissioner shall have the same remedies in all respect for
the breach of trust as if he were a person beneficially
interested in the plan.
(3) The Commissioner or any person authorized
by him in writing may at any reasonable time examine any
books, records or other documents relating to a registered
plan or any plan in respect of which an application for
registration is made under this Part, or any securities or
obligations in which pension fund moneys of such plan are
invested.

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Default in
complying with
requirements.
Annual
statements.
109. (1) The managers and the secretary of a registered
plan are guilty of an offence where in respect of that plan,
there is default in complying with any of the requirements of
this Part relating to –
(a) accounts and reports;
(b) the making of applications for
the registration of any amendment to
the trust deed or to the rules, or both,
of the plan or, the correction of the
register in respect of-a change in the
address of the plan or in the names
and addresses of the managers
thereof; or
(c) the giving of notice to the
Commissioner or the winding up of
the plan.
(2) It is a defence to any proceedings instituted
under subsection (1) against the managers and the secretary
of a registered plan to prove that the default occurred without
their consent or connivance and was not facilitated by any
neglect on their part.
(3) Any person who, within fourteen days of
receiving written notice, fails to provide any information or
explanation requested by the Commissioner, which could be
obtained with reasonable diligence, is guilty of an offence.
110. (1) The managers of each plan registered under this
Part shall –
(a) submit annually to the Commissioner
a balance sheet and statement of
accounts for each financial year
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Part II of
Schedule 5.

Investigation
of financial
condition.
within six months of the expiration of
that financial year; and
(b) file with the Commissioner annually
or at such periods and in such form as
may be prescribed any information or
return relating to such plan.
(2) The balance sheet and statement of accounts
referred to in subsection (1) shall -
(a) before they are submitted to the
Commissioner be audited by an
auditor approved by him; and
(b) be prepared in accordance with Forms
A and B, respectively in Part II of
Schedule 5.
111. (1) The managers of each registered plan shall
appoint an actuary to make an investigation into the financial
condition of the plan and to report on his findings.
(2) An investigation under subsection (1) shall be
made every three years or at such shorter intervals as the
Commissioner may determine.
(3) A copy of the report signed by the actuary
shall be furnished to the Commissioner.
(4) The provisions of subsections (1) and (3) shall
not apply to a plan insured with an insurer, but the
managers of such a plan shall obtain from the insurer a
certificate to the effect that the plan has been valued by an
actuary.
(5) The certificate required by subsection (4)
shall be deposited by the managers with the Commissioner.
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Investment of
assets.

Perpetuities.
Registration.
112. (1) No manager may invest the assets of a
pension or provident fund in the equity, debentures or other
evidence of indebtedness of the employer or any subsidiary
or associate of the employer or of any company of which the
employer is a subsidiary or an associate.
(2) Every plan shall invest in Guyana eighty
percent of the plan's total assets, provided that for each
percentage point of its assets invested in the common stock or
long term debt of a company in Guyana, the eighty percent
minimum may be reduced by one percentage point, up to a
maximum of a ten percentage point reduction.
113. The rule of law relating to perpetuities shall not
apply and shall be deemed never to have applied to the trusts
of a registered plan.
PART XVII
ASSOCIATIONS OF UNDERWRITERS
114. (1) No associations of underwriters may carry on
insurance business in Guyana –
(a) unless it is registered under this Part;
and
(b) except in accordance with the
provisions of this Part.
(2) An association of underwriters shall not carry
on long-term insurance.
(3) An application for registration of an association
shall be accompanied by –
(a) a copy of its deed of association;

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Qualifications.
(b) a certificate stating in the case of an
association established outside of
Guyana -
(i) that the association has
been established for at least five
years;
(ii) that the law of the country in
which it was established
provides for the regulating of
associations of underwriters;
and
(iii) that the association is operating
in accordance with the law;
(c) a list of the names and addresses of
persons appointed as its agents or
brokers in Guyana; and
(d) any further information the
Commissioner may require.
(4) Each application shall be accompanied by a
filing fee of two hundred and fifty thousand dollars payable
to the Commissioner.
(5) An existing association of underwriters must
register within three months of the commencement of this
Act.
115. (1) Where, the Commissioner, after appropriate
inquiry or after the examination of documentary evidence, or
both, is satisfied that –
(a) the relevant requirements of this Part
have been complied with;
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(b) the association is likely to be able to
comply with the provisions of this
Act;
(c) being an association of underwriters
constituted outside Guyana –
(i) it has made or has caused to be
made with the Commissioner
the deposit required by
subsection (1) of section 40; and
(ii) there are one or more
persons resident in Guyana
who are authorised to accept
on behalf of the members of the
association service of process in
any legal proceedings;
(d) the persons who manage the
association are of good character and
are otherwise fit and proper persons
to manage the association; and
(e) the applicant's employees are capable
of carrying on that insurance business
in an efficient manner,
the Commissioner shall, either unconditionally or subject to
such conditions as he may specify, register the association of
underwriters and notify the applicant accordingly.
(2) Where the Commissioner is not satisfied as to
one or more of the conditions set out in subsection (1), he
shall notify the association of underwriters in writing that he
proposes to refuse to register it, giving his reasons for so
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Deposits.


Rejection of
application.
Annual filings.
doing.

116. (1) Subject to subsection (2) of section 40, an
association of underwriters may not be registered under this
Part to carry on any class of insurance business unless it has
deposited with the Commissioner an amount equal to five
million dollars or twenty per cent of the premium income of
its members with respect to Guyana insurance business
during the financial year last preceding the date of the
deposit, whichever amount is greater.
(2) Where an association of underwriters has made
a deposit as required by subsection (1), it shall at the end of
each financial year where necessary, deposit or be refunded
an amount equal to the difference between the last preceding
deposit and twenty per cent of the relevant premium
income during such financial year, except that an association
of underwriters shall not have as a deposit with the
Commissioner an amount less than five million dollars.
(3) A deposit made pursuant to this section may
be either. in the form of cash or in the form of approved
securities or both.
117. (1) An applicant who applies for registration as
an association of underwriters shall be notified in writing by
the Commissioner whether he proposes to register him or to
reject his application.
(2) Where the Commissioner proposes to reject the
application he shall state in writing his reasons for so doing.
118. An association of underwriters registered under
this Part, shall within six months of the end of each financial
year furnish to the Commissioner, in the case of an
association established in Guyana such documents and
information as he may require, and in the case of an
association established outside of Guyana –
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Prohibit new
policies.


Cancellation of
registration.
(a) a certified copy of such returns relating to
the insurance business of its members
during the preceding year as are required to
be made to the Minister or other public
Commissioner in the country in which the
association is established;
(b) a certificate, signed by the Chairman or
other presiding officer of the association and
by or on behalf of the responsible regulatory
authority which states that the association
has complied with the requirements of the
law governing associations of underwriters
in the country in which it is established;
(c) a current list of the names of its
members and the names of the members
of its committee or other governing body;
and
(d) a statement of receipt and expenditure by
its members in Guyana during the
preceding year.
119. (1) The Commissioner may prohibit a registered
association from writing new policies in any class of
insurance business where he is satisfied that it is in the
interest of policy-holders or prospective policy-holders so to
do.
(2) Where the Commissioner exercises the
power conferred on him by subsection (1), he shall notify
the registered association in writing of his decision and shall
state the reasons thereof.
120.(1) The Commissioner may cancel the registration
of an association –
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Continuation
of business.
Misleading,
false or
deceptive
statements.
(a) where he is not satisfied that the
insurance business of its members is
being conducted in accordance with
sound insurance principles;
(b) where the association fails to comply
with any requirements imposed upon
it under this Part;
(c) where he is satisfied that the
members of the association have not
commenced insurance business
within one year of registration or have
ceased to carry on insurance business
in Guyana; or
(d) at the request of the association.
(2) Where the Commissioner cancels the
registration of an association, he shall state in writing his
reasons for so doing.
121. An association of underwriters, the application
for registration of which has been rejected or the registration
of which has been cancelled, shall continue to carry on
insurance business relating to policies issued by it before the
date on which the business was notified of the rejection
or cancellation unless the Commissioner is satisfied that it
has made suitable arrangements for its obligations under such
policies.
PART XVIII
CONDUCT OF INSURANCE BUSINESS
122. Any insurer, broker, agent, other insurance
intermediary, member of the association of underwriters, or
pension fund plan manager or employee who, by any
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Advertise-
ments.

False claims.
External
subsidiary.

statement, promise or forecast which is wilfully misleading,
false or deceptive or which includes dishonest concealment
of material facts or is reckless (dishonest or otherwise),
induces or attempts to induce another person to enter into or
offer to enter into any contract of insurance with an insurer
shall be guilty of an offence.
123. (1) Any insurer, broker, agent, other insurance
intermediary, member of the association of underwriters, or
pension fund plan manager or employee who wilfully issues
or permits to be issued any advertisement, statement,
circular, descriptive booklet or other document which
contains material misleading or tending to mislead the public
is guilty of an offence.
(2) Any advertisement offering insurance
contracts or services shall, if it fails to mention either the
name or address of the person placing the advertisement
constitute an offence under this Act.
124. Any person who claims to be or intimates that he
is a broker or an agent for the purpose of misleading a
consumer, if he has not complied with Part XIV or Part XV
shall be guilty of an offence.

PART XIX
SUBSIDIARY COMPANIES
125. Where an insurer whose head office is in Guyana
acquires an insurer ("the subsidiary insurer) whose head
office is in a country other than Guyana then the insurer first'
referred to shall advise the Commissioner as to -
(a) whether or not the subsidiary insurer is
registered as an insurer with the regulatory
Commissioner of the country in which its
head office is situated;
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Compliance.
(b) the name of the person or persons acting as
regulatory Commissioner in the country
aforesaid and the address to which
communications may be sent;
(c) whether or not the subsidiary insurer has
complied with requirements of the
regulatory Commissioner in the country
aforesaid in relation to –
(i) statutory funds;
(ii) deposits;
(iii) statutory reserves; and
(iv) filing of accounts,
as regards the most recent financial year of
the subsidiary insurer in respect of which
compliance is required.
(d) whether or not any necessary approval of
the regulatory Commissioner in the country
aforesaid has been given and, if so on what
terms and conditions (if any); and
(e) any other information that the
Commissioner may require.
126. The Commissioner shall decide, in the light of the
advice received, the extent to which he may require the
subsidiary insurer to comply with this Act and may
communicate with the regulatory Commissioner referred to
in section 125 for this purpose.

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Contract for
long-term
insurance.

Notice of
cancellation.
PART XX
CONTRACTS FOR LONG-TERM INSURANCE BUSINESS
127. (1) Subject to subsection (3) of section 128, an
insurer shall not enter into a contract for the purpose of
carrying on long-term insurance business unless the insurer -
(a) at the time the contract is entered into;
or
(b) not later than seven days after the
contract is entered into,
serves on the other party to the contract a notice containing
the information specified in subsection (2).
(2) A notice mentioned in subsection (1) –
(a) shall specify the nature and type of
the policy, and
(b) shall have annexed thereto a form of
notice of cancellation for use by the
other party to the contract.
(3) An insurer who contravenes this section is
guilty of an offence but contravention does not invalidate
the contract.
128. (1) A person who has entered into a contract for
long-term insurance with an insurer may serve notice of
cancellation on the insurer –
(a) not later than ten days from the
date on which he receives a notice
mentioned in section 127; or
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Long-term
rates
Schedule 1.

(b) not later than ten days from the
expiration of the day on which he first
became aware that the contract was
entered into, whichever is the later.
(2) Subsection (1) does not apply where an insurer
ought to have served a notice under subsection (1) of section
127 and failed to do so but does so before cancellation of the
contract.
(3) A notice of cancellation need not be in the form
attached to the notice required to be served under subsection
(1) of section 127 and it is sufficient if the notice of
cancellation indicates a desire to withdraw from the contract.
(4) Service of a notice of cancellation operates –
(a) as a rescission of a contract, if it is
served after the contract has been
entered into; and
(b) as a withdrawal of the offer in any
other case.
(5) Where a contract has been rescinded or an
offer has been withdrawn as a result of the service of a notice
of cancellation, any moneys paid by way of premium or
otherwise, to the insurer for the purpose of receiving the
moneys, are recoverable from the insurer as a debt in civil
proceedings.

129. An insurer carrying on long-term insurance
business shall not issue any policy under Schedule 1 to this
Act unless the rate of premium chargeable under the policy is
a rate which has been approved by its actuary as being
suitable for the class of policy to which the policy belongs.

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Notice
regarding
proof of age.


Procedure
where
company
declines to
accept proof.

Misstatement
of age, and
non- avoidance
of policy.
130. Subject to section 131, where a company issues a
life policy that provides that proof of age of the person whose
life is insured is a condition precedent to the payment of the
sum insured, the company shall, unless the age of the person
whose life is insured has already been admitted by it, issue on
or with the policy a printed notice stating that proof of age of
the person whose life is insured may be required before the
payment of the sum insured.
131. (1) Where a company declines to accept the proof
of age tendered in respect of a policy, whether issued before
or after the commencement of this Act, the policy-holder may
apply to a Judge in chambers, by summons for an order
directing the company to accept the proof tendered.
(2) The Judge in chambers may upon an
application made to him under subsection (1), make such
order in relation to the application as he thinks just.
(3) Every order under this section shall be binding
on the company and shall be complied with.
132. (1) The following have effect in instances where
the age of a person has been misstated in respect of a policy –
(a) a policy is not avoided by reason only
of a misstatement of the age of the
person whose life is insured;
(b) where the true age as shown by the
proof is greater than that on which the
policy is based, the company may
vary the sum insured by, and the
bonuses (if any) allotted to, the policy
so that, as varied, they bear the same
proportion to the sum insured by, and
the bonuses (if any) allotted to, the
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policy before variation as the amount
of the premiums that have become
payable under the policy as issued
bears to the amount of the premiums
that would have become payable if
the policy had been based on the true
age;
(c) where the true age as shown by the
proof is less than that on which the
policy was based, the company shall -
(i) vary the sum insured by, and
the bonuses (if any) allotted to,
the policy so that, as varied,
they bear the same proportion
to the sum insured by, and the
bonuses (if any) allotted to, the
policy before variation as the
amount of the premiums that
have become payable under the
policy as issued bears to the
amount of the premiums that
would have become payable if
the policy had been based on
the true age; or
(ii) reduce, as from the date of
issue of the policy, the
premium payable to the
amount that would have been
payable if the policy had been
based on the true age and repay
the policy-holder the amount
of overpayments of premium
less any amount that has been
paid as the cash value of
bonuses in excess of the cash
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Minors.
value that would have been
paid if the policy had been
based on the true age.
(2) A policy issued after the commencement of
this Act shall not be avoided by reason only if any incorrect
statement (other than a statement as to the age of the person
whose life is insured) made in any proposal or other
document on the faith of which the policy was issued or
reinstated by the company unless the statement –
(a) was fraudulently untrue; or
(b) being a statement material in relation
to the risk of the company under the
policy, was made within the period
of three years immediately
preceding the date on which the
policy is sought to be avoided or the
date of the death of the person whose
life is insured, whichever is the
earlier.

133. (1) A minor who has attained the age of ten years
but has not attained the age of sixteen years may, with the
written consent of his parent or of a person standing in loco
parentis to the minor –

(a) effect a policy upon his own life or
upon another's life in which he has an
insurable interest; or
(b) take an assignment of a policy.
(2) A minor who has attained the age of sixteen
years may –

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Designation of
beneficiaries
generally.

Irrevocable
designation of
beneficiaries.
(a) effect a policy upon his own life or
upon another's life in which he has an
insurable interest; or
(b) take an assignment of a policy;
and, subject to subsection (3), is as competent in all
respects to have and exercise the powers and privileges of a
policy-holder in relation to a policy of which he is the holder
as he would be if he were of full age.
(3) A minor who has attained the age of sixteen
years may assign or mortgage a policy with the prior consent
in writing of his parent or of a person standing in loco parentis
to the minor.
134. (1) The provisions of this section and sections 135
to 143, inclusive, subject to anything to the contrary contained
in these sections, apply in respect of policies whether taken
out before or after the commencement of this Act.
(2) A policy-holder may at the time the policy is
taken out or at any time thereafter designate his personal
representative or a named person to be the beneficiary under
his policy and may, subject to section l36, alter or revoke the
designation by declaration in writing.
(3) A designation in "favour of heirs", "next of
kin", "estate" or similar designation shall be deemed to be a
designation of the personal representative of the policy-
holder.

135. (1) Subject to subsections (4), (5) and (6) a policy-
holder may, in writing, by declaration filed with the insurer
at the time the policy, is taken out designate irrevocably a
named person to be beneficiary under the policy and, in such
a case –

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Designation
of beneficiaries
in wills.
(a) the policy-holder subject to section
145, may not during the life-time of
the named beneficiary alter or
revoke the designation without the
consent of the beneficiary; and
(b) the moneys payable under the policy
are not subject to the control of the
policy-holder or the creditors of the
policyholder and do not form part of
his estate.
(2) Notwithstanding paragraph (a) of subsection
(1), consent of the beneficiary is not required where the
beneficiary is a former spouse and the marriage ended in
divorce or, as the case may be, the common law union has
come to an end.
(3) Where the insured purports to designate a
beneficiary irrevocably in a declaration that has not been filed
with the insurer as required by subsection (1) or in a will, the
designation has the same effect as if the insured had not
purported to make the designation irrevocable.
(4) An irrevocable designation may only be made
by a policy-holder in favour of a spouse, a common law
spouse or to a child, including a child born out of wedlock.
(5) A designation shall not be regarded as
irrevocable unless the words creating the irrevocable
designation are clear and unequivocal and are prominently
displayed on the proposal form and signed by the policy-
holder and there is sufficient evidence that it was explained to
the policy-holder that the designation was irrevocable.
136. A designation by a will does not affect a
designation made under a policy.
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Trusts for
beneficiaries.


Beneficiaries
predeceasing
policy-holder.
137. (1) A policy-holder may, in writing, by contract
or by declaration appoint a trustee for a beneficiary and may
alter or revoke the appointment by declaration in writing.
(2) A payment by an insurer to a trustee for a
named beneficiary discharges the insurer from payments to
the beneficiary to the extent of the payment.
138. (1) Where under section 134, by a contract, or a
declaration, filed with the insurer, a person has been named
as beneficiary under a policy and the person so named as
beneficiary under a policy predeceases the policy-holder
and no provision is made in the contract or agreement or
declaration for the disposition of moneys payable under the
policy in the event of the beneficiary predeceasing the
policy-holder then, without limiting or affecting the
application of section 135, the moneys payable under the
policy shall vest in the following persons in the following
order –
(a) in the surviving beneficiary, if any;

(b) in the surviving beneficiaries in equal
shares, if there is more than one
surviving beneficiary;
(c) in the policy-holder or his personal
representatives, if there are no
surviving beneficiaries.
(2) Where two or more beneficiaries are design-
nated otherwise than alternatively, and no provision is
made as to the quantum of their respective shares of the
moneys payable under the policy, then, they are entitled to
the moneys in equal shares.

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Enforcement
by beneficiary
trustee.

Status of
insurance
moneys where
there is a
designated
beneficiary.
Assignment of
policy where
there is a
designated
beneficiary.

Entitlement to
dividends and
bonuses.
139. A beneficiary may for his own benefit and a
trustee appointed pursuant to section 137 may, in
accordance with the terms of the contract or declaration, as
the case may be, enforce payment of moneys payable
under a policy even though there is no privity of contract,
but the insurer may invoke against the beneficiary or trustee
any defence against the policy-holder or his personal
representative.
140. (1) Where a beneficiary has been designated, the
insurance money, from the time of the happening of the
event upon which the insurance money becomes payable,
does not form part of the estate of the insured and is not
subject to the claims of the creditors of the insured.
(2) While a designation in favour of a spouse, a
common law spouse or child of a policy holder or any of
them, is in effect, the rights and interests of the policy-holder
in the insurance money and in the contract are exempt from
execution or seizure.
141. (1) Where a beneficiary is not designated
irrevocably, the policy-holder may assign, exercise rights
under or in respect of, surrender or otherwise deal with the
contract as provided therein or in this Part or as may be
agreed upon with the insurer.
(2) Where a beneficiary is designated irrevocably
the policy-holder may not assign the policy, use the policy as
a security, surrender it or otherwise deal with it without the
consent in writing of the designated beneficiary.
142. (1) Notwithstanding the designation of an
irrevocable beneficiary, the policy-holder is entitled, while
living, to the dividends or bonuses declared on a contract,
unless the contract otherwise provides.

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Effect of
assignment of
policies on
beneficiaries.

Provisions
relating to state
of health of
insured.
(2) Unless the policy-holder otherwise directs, the
insurer may apply the dividends or bonuses declared on the
contract for the purpose of keeping the contract in force.
143. (1) An assignee of a contract who gives notice in
writing of the assignment to the head office of the insurer has
priority of interest as against –
(a) any assignee other than one who gave
notice earlier in like manner; and
(b) a beneficiary other than one
designated irrevocably as provided
in section 135 prior to the time the
assignee gave notice to the insurer of
the assignment in the manner
prescribed in this subsection.
(2) Where a contract is assigned as security, the
rights of a beneficiary under the contract are affected only to
the extent necessary to give effect to the rights and interests of
the assignee.
(3) Where a contract is assigned absolutely, the
assignee has all the rights and interests given to the policy-
holder by the contract and by this Part and shall be deemed to
be the policy-holder.
(4) A provision in a contract to the effect that the
rights or interests of the policy-holder, or, in the case of group
insurance, the group life insured, are not assignable is valid.

144. (1) Nothing in any term or condition of a life
policy issued after the commencement of this Act or in the
law relating to insurance shall operate to exempt an insurance
company from liability under the policy or to reduce the
liability of the company under the policy on the ground of
any manner relating to the state of health of the person whose
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Application to
debts.
life is insured, other than the ground of the proposer’s having,
when making the proposal or thereafter and before the
making of the contract,
(a) made an untrue statement of his
knowledge and belief as regards the
matter; or
(b) failed to disclose to the company
something known or believed by him
as regards that matter.
(2) An insurer may petition the Commissioner for
a waiver of subsection (1) in situations where subsection (1)
may place too onerous a burden on the insurer.
PART XXI
PROTECTION OF POLICIES
145. (1) The property and interest of any person in a
policy effected (whether before or after the commencement of
this Act) upon his own life is not liable to be applied or made
available in payment of his debts by any judgment, order or
process of any Court.
(2) In the event of a person who has effected a
policy on his own life dying after the commencement of this
Act, the moneys payable upon his death under or in respect of
such policy shall not be applied or made available in payment
of his debts by any judgment, order or process of any Court
or by retainer by an executor or administrator or in any other
manner whatsoever, except by virtue of a contract or charge
made by the person whose life is insured or by virtue of an
express direction contained in his will or other testamentary
instrument executed by him that the moneys arising from the
policy shall be so applied.

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Pro-rata
condition of
average.

Paid-up policy.

(3) A direction to pay debts, or a charge of debts
upon the whole or any part of the testator's estate, or a trust
for the payment of debts, shall not be deemed to be such an
express direction.
146. (1) Where a contract of insurance contains a pro
rata condition of average, the condition is of no effect unless,
before the contract is entered into or before the policy-holder
can cancel the policy without penalty, the insured in
writing on a form approved by the Commissioner informs the
policy-holder of the nature and effect of the condition.
(2) With respect to residential properties, the
condition of average shall be effective only in cases where the
insured value of the property is a certain percentage less than
the fair value of the property. The Commissioner shall
determine the minimum percentage level, the difference in
percentage between the fair value and the insured value, in
which the condition of average can apply.
(3) This section does not apply in respect of a
contract of insurance entered into before the commencement
of this Act.
PART XXII
PAID-UP POLICIES, SURRENDER VALUES AND NON-
FORFEITURE
147. (1) A policy-holder who desires to discontinue
further premium payments on a policy on which not less than
three years of premiums have been paid shall, if the policy
has a cash surrender value, on application to the company be
entitled to receive, instead of that policy, a paid-up policy.
(2) The paid-up policy shall be payable upon the
happening of the contingency upon the happening of which
the amount insured under the original policy would have
been payable.
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Surrender
value.

Non-forfeiture.
Document
inspection.

Evidence.
148. Notwithstanding the terms of a particular policy,
the owner of a policy that has been in force for at least three
years is, on application to the company, entitled to surrender
the policy and to receive not less than the cash surrender
value of the policy less the amount of any debt owing to the
company under, or secured by, the policy.
149. The Commissioner may, on application by a
company, if in his opinion the payment in cash of surrender
values as required by section 148 would be prejudicial to the
financial stability of the company or to the interests of the
policy-holders of that company, suspend or vary, for such
period and subject to such conditions as the Commissioner
thinks fit, the obligation of the company to pay those
surrender values.
PART XXIII
MISCELLANEOUS
150. (1)Every document required to be deposited
under this Act, or certified copies of it, shall be kept by the
Commissioner.
(2)The documents and copies are open to
inspection and copies thereof may be procured by any person
on payment of such fee as the Minister may direct.
151. (1) Every document deposited under this Act
with the Commissioner, and certified by the Commissioner,
to be a document so deposited, shall be deemed to be a
document so deposited.
(2) Every document purporting to be certified by
the Commissioner to be a copy of a document so deposited
shall be deemed to be a copy of that document, and shall be
received in evidence as if it were the original document
unless some variation between it and the original document is
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Forms.

Notice to
policy-holder.

Injury to visitor
or workmen.
proved.

152. The Commissioner may, on the application of an
insurer, alter any or all of the prescribed forms, in respect of
that insurer, for the purpose of adapting them to the
circumstances of that insurer.
153. (1) Any notice or other document that is by this
Act required to be sent to a policy-holder may be addressed
and sent to the person to whom notices respecting the policy
are usually sent, and a notice so addressed and sent shall be
deemed and taken to be notice to the holder of the policy.
(2) Where a person claiming to be interested in a
policy has given to the insurer notice in writing of his interest,
a notice which is by this Act required to be sent to policy-
holders shall also be sent to such person at the address
specified by him in his notice.
154. (1) Notwithstanding anything contained in this
Act, where premises are insured by an owner or occupier, or
by an independent contractor, against risk of injury to visitors
or to workmen, a visitor or a workman who sustains injury on
those premises is entitled to claim directly, under a policy
from the insurer without reference to the owner, occupier or
independent contractor.
(2) A person who is entitled to a claim against an
insurer under subsection (1), may demand that the owner,
occupier or independent contractor produce the policy or a
copy thereof for examination by him either before or at any
stage of legal proceedings instituted for the enforcement of
the claim.
(3) Where a policy or a copy of a policy is
produced to a person claiming by virtue of a claim made
under subsection (2), the owner, occupier or insurer is not
entitled to rely on any matter expressed in any
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Non effect of
certain
provisions of
Married
Women’s
Property Act.
c. .45:04.
Administration
of Act.
Laws to be
construed.
c. 85:03
c. 85:02
supplementary document that was not produced to the
person so claiming, but the person so claiming may rely on
any such supplementary document at any time that it comes
to his notice.
155. The Married Women's Property Act or any
legislation in force relating to married women's property, in
so far as it creates a statutory trust of a life policy, has no
effect in relation to sections 134 to 143 of this Act.
156. (1) Notwithstanding anything in this Act, or in
any other law, the Bank of Guyana shall be charged with the
general administration of this Act and the Bank in the
exercises of its functions under that Act shall conform with
any general or special directions given to the Bank by the
Minister.
(2) All functions of the Commissioner of Insurance
under this Act and the functions assigned to the
Commissioner by any other law and any Order of Court shall
stand transferred to the Bank.
(3) The Bank shall discharge the functions through
any person, including any officer of the Bank, or through
another person duly authorised by the Bank in that behalf.
(4) The Bank may take any legal proceedings or
continue any pending legal proceedings, including making an
application to the Court for the appointment of any person
nominated by the Bank as judicial manager.
157. The Financial Institutions Act, the Bank of
Guyana Act, this Act and any other law shall be read and
construed with all modifications, qualifications and
adaptations that may be necessary to facilitate the
administration of this Act.
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s. 2, 68(2), 129
SCHEDULE 1
CLASSES OF LONG-TERM INSURANCE BUSINESS
CLASS 1:
GENERAL LIFE
SUB-CLASS NATURE OF INSURANCE
BUSINESS
Life and Annuity Effecting and carrying on
contracts on human life or
contracts to pay annuities on
human life, but excluding (in
each case) contracts within the
linked long-term sub-class.
Linked Long-Term Effecting and carrying on
insurance on human life or
contracts to pay annuities
where the benefits are wholly or
partly to be determined by
reference to the value of, or
income from, property of any
description (whether or not
specified in contracts) or by
reference to fluctuations in, or
in an index of, the value of
property of any description
(whether or not so specified).

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CLASS 2:
HEALTH
SUB-CLASS NATURE OF INSURANCE
BUSINESS Permanent Health
Effecting and carrying on
contracts of insurance
providing specified benefits
against risks of persons
becoming incapacitated in
consequence of sustaining
injury as a result of a
specified class or sickness or
infirmity being contracts
that-
(a) are express to be in
effect for a period of not
less than five years, or
until the normal retirement
age for the persons
concerned, or without limit
of time; and
(b) either are not
expressed to be terminable
by the insurer, or are
expressed to be so
terminable only in special
circumstances mentioned in
the contract

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s. 2
CLASS 3:
ANNUITIES AND PENSIONS
SUB-CLASS NATURE OF INSURANCE
BUSINESS
Pension Fund
Management
Effecting and carrying out –
(a) contracts to manage the
investment of pension
funds; or
(b) contracts of the kind
mentioned in paragraph (a)
above that are combined with
contracts of insurance covering
either conservation of capital
or repayment of a minimum
interest, other than contracts
in relation to Government or
local authority funds.

Capital
Redemption
Effecting and carrying
on capital redemption
contracts.

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s. 2.
SCHEDULE 2
CLASSES OF GENERAL INSURANCE BUSINESS
CLASS 1:
ACCIDENT AND LIABILITY
SUB-CLASS NATURE OF INSURANCE
BUSINESS Accident
Effecting and carrying on
contracts of insurance
providing fixed pecuniary
benefits in the nature of
indemnity (or a
combination of both)
against risks of the person
insured –
(a) sustaining injury as the
result of an accident or an
accident of a specified class;
or
(b) dying as the result of an
accident or of an accident of
a specified class; or
(c) becoming incapacitated
in consequence of disease or
of disease of a specified
class, inclusive of contracts
relating to industrial injury
and occupational disease but
exclusive of contracts falling
within the sickness sub-
class below or within class
2 in Schedule 1 (Health)
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SUB-CLASS NATURE OF INSURANCE BUSINESS
Sickness
Effecting a n d carrying on
contracts of insurance
providing fixed pecuniary
benefit or benefits in the
nature of indemnity (or a
combination of the two)
against risks of loss to the
persons) insured attributable
to sickness or infirmity, but
exclusive of contracts falling
within class 2 in Schedule 1
(Health
Goods in transit Effecting and carrying on contracts of insurance against
loss or damage to merchandise,
baggage and all other goods
in transit, irrespective of the
form of transport.
General Liability Effecting and carrying on
contracts of insurance against
risk of persons insured
incurring liabilities to third
parties, risks in question not
being risks to which the Motor
Vehicle liability, the Aircraft
liability or the Liability for
ships sub-classes relate.
Credit
Effecting and carrying on
contracts of insurance against
risk of loss to the persons
insured arising from the
insolvency of debtors of theirs
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SUB-CLASS NATURE OF INSURANCE BUSINESS
or from the failure (otherwise
than through insolvency) of
debtors of theirs to pay their
debts when due.
Suretyship Effecting and carrying on – (a) contracts of insurance
against risk of loss to the
persons insured arising from
their having to perform
contracts of guarantee entered
into by them; or
(b) contracts for fidelity bonds,
performance bonds, or custom
bonds or similar contracts of
guarantee.
Miscellaneous
financial loss Effecting and carrying on
contracts of insurance
against any of the
following risks, namely –
(a) risk of loss to the person
insured attributable to
interruptions of the carrying
on of insurance business
carried on by them or to be
carried on; or
(b) risks of loss to the persons
insured attributable to their
incurring unforeseen expense.

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SUB-CLASS NATURE OF INSURANCE
BUSINESS
Legal Expenses
Effecting and carrying on
contracts of insurance against
risk of loss to the persons
insured attributable to their
incurring legal expenses
(including costs of litigation).
CLASS 2:
AUTO
SUB-CLASS NATURE OF INSURANCE BUSINESS

Land Vehicles
Effecting and carrying on
contracts of insurance
against loss of or damage
to vehicles used on land,
including motor
vehicles.
Motor Vehicle
Liability Effecting and carrying on
contracts of insurance against
loss of or damage arising out
of or in connection with the
use of motor vehicles on
land, including third-party
risks and carriers liability.

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CLASS 3:
MARINE & AVIATION
SUB-CLASS NATURE OF INSURANCE BUSINESS
Aircraft
Effecting and carrying on
contracts of insurance upon
aircraft or upon the
machinery, tackle, furniture
or equipment of aircraft.
Ships Effecting and carrying on contracts of insurance upon
vessels used on the sea or
inland water, or upon the
machinery, tackle, furniture or
equipment of such vessels.
Aircraft Liability Effecting and carrying on contracts of insurance against
damage arising out of or in
connection with the use of
aircraft, including third-party
risks and carriers liability.
Liability for Ships Effecting and carrying on contracts of insurance against
damage arising out of or in
connection with the use of
vessels on the sea or on inland
water, including third party
risks and carrier’s liability.

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CLASS 4: FIRE
SUB-CLASS NATURE OF INSURANCE
BUSINESS
Fire and natural
forces Effecting and carrying on
contracts of insurance against
loss of or damage to
property (other than property
to which the Land Vehicles,
Aircraft, Ships or Goods in
transit sub-classes relate) due
to fire, explosion, storm,
natural forces other than
storm, nuclear energy or land
subsidence.
Damage to
Property Effecting and carrying on
contracts of insurance
against loss of or damage
to property (other than
property to which the Land
Vehicles, Aircraft, Ships or
Goods in transit sub-classes
relate) other than those
mentioned in the Fire and
natural forces sub-class above.
_________

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s. 55(5)
SCHEDULE 3
ASSETS IN WHICH THE STATUTORY FUNDS MAY BE
INVESTED
An insurer may invest its statutory funds pursuant to
the following guidelines –
1. An insurer may invest in –
(a) the bonds, debentures, stocks, or other
evidence of indebtedness of or guaranteed
by the Government of -
(i) Guyana;
(ii) any Commonwealth country or
dependency or the Republic of
Ireland;
(iii) the country in which the head office
of the company is situate, province or
state thereof, or
(iv) any country approved by the
Minister.
(b) the bonds, debentures or other evidence of
indebtedness of a corporation incorporated
in Guyana which are fully secured by a
statutory charge upon immovable property
or upon the plan or equipment or other
tangible assets of the corporation used in the
transaction of its business;
(c) the bonds, debentures or other evidence of
indebtedness issued by an authority or other
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body without share capital established and
empowered pursuant to a statute of Guyana
to administer, regulate the administration
of, provide or operate port, harbour, airport,
bridge, highway, tunnel, transportations
communication, sanitation, water,
electricity, or gas services or facilities and for
any of these purposes to levy and impose
taxes, rates, fees or other charges which may
be used only in carrying on the object of the
authority or other body and are sufficient
to meet its operation, maintenance and
debt service charges;
(d) the bonds, debentures or other securities
of, or those guaranteed by any international
financial institution approved by the
Minister;
(e) guaranteed investment certificates issued by
a trust company incorporated in any
country listed in subparagraph (a) which at
the date of vesting thereof in trust,
complied with the requirements set out
in subparagraph (f) in respect of the
payment of dividends;
(f) the fully paid ordinary shares, preferred
shares, bonds debentures or other evidence
of indebtedness of a company incorporated
in any country listed in subparagraph (a)
which during a period of five years ending
less than one year before the date of
purchase thereof has either paid a dividend
in each such year upon its ordinary shares
or had earnings in each such year
available for the payment of a dividend
upon such shares, of at least four per cent of
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the average value at which the shares were
carried in the capital stock account of the
company during the year in which the
dividend was paid or in which the company
had earnings available for the payment of
dividends, as the case may be;
(g) ordinary shares, preferred shares, bonds or
debentures of a company incorporated in
Guyana and approved by the Minister.
2. An insurer may invest in mortgages and other
titles for repayment of loans secured by -

(a) immovable property or leaseholds for a term
of years or other estate or interest in
immovable property in Guyana where the
amount of the loan together with the
amount of indebtedness under any
mortgage or other charge on the
immovable property or interest therein
ranking equally with or superior to the loan
does not exceed seventy-five per cent of the
value of the immovable property or interest
therein, subject to the exception that a
company –
(i) may upon the sale of
immovable property in which its
funds are invested, accept a mortgage
or other title for repayment on such
immovable property, as part
payment and secured thereon for
more than seventy-five per cent of the
sale price of such immovable
property; or
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(ii) may invest in a mortgage or other title
for repayment on immovable
property where the amount of
indebtedness under any mortgage or
other charge on such immovable
property or interest therein, ranking
equally with or superior to the loan
does not exceed ninety per cent of the
value of the immovable property as
long as that portion of the
indebtedness in excess of seventy-
five per cent of the value of the
immovable property is guaranteed by
a company registered under this Act
to carry on that class of insurance
business.
(b) immovable property or leaseholds in
Guyana notwithstanding that the loan
exceeded the amount which the company
may otherwise invest in, if the excess is
guaranteed or insured by the Government
or through an agency of the Government of
Guyana.
(c) ground rents, mortgages or hypothecs
on immovable property or leaseholds in
Guyana or in the country in which the head
office of the company is situated, where the
amount of the mortgage or hypothec
together with the amount of indebtedness
under any mortgage or hypothec on the
immovable property or leasehold ranking
equally with or superior to the mortgage or
hypothec which is invested in does not
exceed three quarters of the value of the
immovable property or leasehold covered
LAWS OF GUYANA
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L.R.O. 1/2012
thereby.
3. An insurer may invest in –
(a) immovable property or leaseholds in
Guyana for the production of income either
alone or jointly with any other company
transacting insurance business in Guyana
or with any other company incorporated in
Guyana where –
(i) a lease of the immovable property
or leasehold is made to or
guaranteed by the Government of
Guyana or an agency or the
Government or a municipality in
Guyana and the lease provides for a
net revenue sufficient to yield a
reasonable interest return during the
period of the lease and to repay at
least eighty-five per cent of the
amount invested in the immovable
property or leasehold within the
period of the lease but not exceeding
thirty years from the date of
investment; or
(ii) the immovable property or leasehold
has produced in each of the three
years immediately preceding the date
of investing therein net revenue in an
amount which, if received in each
year following the date of investment,
would be sufficient to yield a
reasonable interest return on the
amount invested in the immovable
property or leasehold and to repay at
LAWS OF GUYANA
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L.R.O. 1/2012
least eighty-five percent of that
amount within the portion of the
economic lifetime of the
improvements to the immovable
property or leasehold which remain at
the date of investment but not
exceeding forty years from that date.
(b) immovable property in Guyana required by
the company for its actual use or occupation
or reasonably required by it for the natural
expansion of its business or acquired by it
for the natural expansion of its business
or acquire by foreclosure of a mortgage on
immovable property where the mortgage is
an investment under this Act, save that the
total amount of investment in immovable
property either for the production of income
or for the use and natural expansion of the
business of the company shall not exceed -
(i) in the case of a company carrying on
long-term insurance business, twenty
per cent of the total value of assets
required to satisfy the statutory fund
requirement; or
(ii) in the case of a company carrying on
general insurance business, such
amount as may be approved by
the Supervisor not exceeding the
amount referred to in subparagraph
(i).
4. An insurer may invest in cash balances deposited
with –
(a) any bank in Guyana;
LAWS OF GUYANA
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c. 85:03
(b) any financial institution licensed under
the Financial Institutions Act; or
(c) any building society which may from
time to time be approved by the Minister.
5. The total accepted value of the statutory fund assets
of any company invested in ordinary shares shall not at any
time exceed forty per cent of the accepted value of the total of
such assets in Guyana of the company.
6. The total accepted value of the immovable property
or leaseholds invested in accordance with this Schedule shall
not exceed –
(a) in respect of a company carrying on long-
term insurance business twenty per cent of
the total value or assets required to satisfy
the statutory fund requirement for;
(b) in respect of a company carrying on other
than long-term insurance business such
amount as may be approved by the
Supervisor.
7. No single mortgage included as an asset in the
statutory fund of a company may exceed ten per cent of the
total assets of the company.
8. A company shall not invest in trust bonds,
debentures or other evidence of indebtedness on which
payment of principal or interest in default.
9. A company shall not purchase more than thirty per
cent of the ordinary shares of any corporation.
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s. 88
10. A company registered to carry on life insurance
business shall not, in respect of that business, purchase the
shares of a company, incorporated in Guyana and carrying on
such business.
_________
SCHEDULE 4
BROKER'S CODE OF CONDUCT
1. The provisions of this Code shall be construed as
only illustrative of the conduct which is considered to be in
the best interest of the public and the Insurance Brokers and
other persons concerned with their conduct.
2. Brokers shall -
(a) at all times conduct their business with
utmost good faith and integrity;
(b) do everything possible to satisfy the
insurance requirements of their clients and
shall place the interest of those clients before
all other considerations; and
(d) refrain from making any misleading
representations in their advertising.
3. Without prejudice to the generality of the foregoing
the following are specific examples of practices which must
be observed, breach of which either singly or jointly may be
regarded as constituting unprofessional conduct –
(a) brokers shall not directly or indirectly, nor
shall they allow any agent of theirs directly
or indirectly to pay or allow, as other
LAWS OF GUYANA
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L.R.O. 1/2012
inducement whatsoever not specified in the
policy, nor will they make any
misrepresentation or incomplete comparison
for the purpose of inducing a client of any
company to convert, lapse, forfeit or
surrender their insurance therein;
(b) in the conduct of their business brokers
shall provide advice objectively and
independently and shall use all due care and
diligence when so doing;
(c) brokers shall ensure that all work
carried out in connection with their
business shall be properly supervised, and
they shall ensure that their employees are
made aware of these regulations;
(d) brokers shall on request from the client
explain the differences in, and the relative
cost of, the principal types of insurance
which in the opinion of the broker might
suit a client's needs;
(e) although the choice of an insurer can only be
a matter of judgment, brokers shall use their
skill objectively in the best interest of their
client;
(f) brokers shall not withhold from the client
any written evidence of documentation
relating to the contract of insurance without
adequate and justifiable reasons being
disclosed in writing and without delay to
the client. If a broker withholds a document
from a client that broker shall provide the
reason in the manner required above;
LAWS OF GUYANA
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L.R.O. 1/2012
(g) brokers shall inform a client of the name
of all insurers with whom a contract of
insurance is placed. This information shall
be given at the inception of the contract and
any changes thereafter shall be advised at
the earliest opportunity to the client;

(h) before any work, involving a charge, is
undertaken or an agreement to carry on
business is concluded, brokers shall disclose
and identify any amount they propose to
charge to the client which will be in
addition to the premium payable to the
insurer;
(i) brokers shall have proper regard for the
wishes of a client who seeks to terminate
any agreement with them. Brokers shall
make no attempt to induce any client to
rescind an existing letter of appointment;
(j) any information acquired by brokers from
their clients shall be treated as strictly
confidential except in the normal course of
negotiating or renewing a contract of
insurance, or unless the consent of the client
has been obtained or the information is
required by a Court of competent
jurisdiction;
(k) in the completion of the proposal form,
or any other material document, brokers
shall make it clear that all the answers or
statements are the client's own
responsibility. The client should always be
asked to check the details and told that the
inclusion of incorrect information may result
LAWS OF GUYANA
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s. 102
in a claim being repudiated;
(1) the content of advertisement made by or
on behalf of brokers shall be restricted to the
policies of one insurer except where the
reasons for such restriction are fully
explained in the advertisement the
insurer named therein, and the price
approved of the insurer obtained; and
(m) when advertising their services directly
or indirectly either in person or in writing
brokers shall disclose their identity,
occupation and purpose.
___________
SCHEDULE 5
PART I
REQUIREMENTS AS TO THE TRUST DEED AND RULES
OF PENSION PLANS
1. The trust deed and rules of a plan qualified for
registration under this Act shall make provision for the
following matter -
(a) the whole of the objects for which the plan is
established;
(b) the appointment and removal of trustees;
(c) the vesting in the trustees of all property
belonging to the plan;
(d) the investment in the names of the trustees
of all capital moneys belonging to the plan
LAWS OF GUYANA
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L.R.O. 1/2012
and for, authorizing the investments, if any,
in addition to those authorised by law, in
which the trustees may invest such moneys;
but the rules of a plan may provide for the
deposit of such moneys with a bank;
(e) the making of contributions to the plan
by the employers of persons employed in
the undertaking or combination of
undertakings in connection with which the
plan is established;

(f) the contributions payable to and the
rates of benefits payable from the fund or
the method of calculating benefits so
payable;
(g) the conditions on which persons may
become and may cease to be contributors to
and entitled to benefits from the fund;
(h) the protection of the vested rights of
contributors to the plan;
(i) the preparation of all statements of
'accounts, balance sheets and reports
required by this Act to be prepared;
(j) the supply (on demand) to every person
having any rights in the plan, being a person
who is or has been employed in the
undertaking in connection with which the
plan is established, of a copy of the rules of
the plan and of all statements of accounts,
balance sheet and requirements of this Act;
(k) the circumstances in which the plan may be
wound up and in the event of the winding-
up the use of the plan to purchase
LAWS OF GUYANA
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s.110(2)(b)
immediate annuities for contingent
pensioners; and
(l) the method by which the rules may be
amended.
PART II
FORMS
Form A
Account for the Period …………… To ……………………….
Pension Fund Plan
Revenue $ Expenditures $ 1. Amount of the Fund at the beginning of the period* 2. Contribution by
employees. 3. Contribution by
employers 4. Any additional
contributions by
employer to meet
deficiency or back
service liabilities 5. Interest dividend
and rents 6. Other income (to
be specified)
1. Superannuation Benefits
(a) pension to retired
employees (b) widow’s pensions (c) orphan’s pensions (d) retirement gratuities 2. Death grants 3. Return of contribution on withdrawal 4. Other expenditure (to
be specified) 5. Amount Fund at the
end of the period*
* May be omitted for an insured pension fund plan.

LAWS OF GUYANA
Insurance Cap. 91:02 123
L.R.O. 1/2012
s. 110(2)(b)
Form B
(Not to be completed for an insured pension fund plan)
Balance Sheet as at …………….… 20…… for ……Pension
Fund
DETAILS OF MORTGAGE
Name of
Borr-
ower
Name
of
secur-
ity
Original
amount of
loan
Date Method
of
repay-
ment
Rate
of
Interest
Amount
Outstand-
ing
on the
valuation
date
Date or
Outstand
-ing
period
of
repay-
ment

DETAILS OF STOCK EXCHANGE SECURITIES
Security Date of
Redemp
- tion
Nominal
amount
Rate of
interest or
dividend
Market
value as at
the valua-
tion date
Book
value
Value
used in
valuation

Liabilities $ Assets $ Amount of the Fund as at
Pension due
but not yet
paid.
Other benefits (to be specified) due but not yet paid
Mortgage
Stock
Exchange
Securities
Other
assets (to
be
specified)

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124 Cap. 91:02 Insurance
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P A
R T
I II
A C
T U
A R
IA L
V A
L U
A T
IO N
1. T
h is
p ar
t o
f th
e re
p o
rt s
h al
l co
n ta
in s
ta ti
st ic
s as
a t
th e
v al
u at
io n
d at
e in
r es
p ec
t o
f th
e fo
ll o
w in
g –

(a )
C
h an
g es
i n
t h
e m
em b
er sh
ip o
f th
e fu
n d
d u
ri n
g t
h e
in te
rv al
u at
io n
p er
io d
a s
w el
l as
t h
e
m em
b er
sh ip
o f
th e
fu n
d o
n t
h e
v al
u at
io n
d at
e a
fo ll
o w
s-

N U
M B
E R
O
F C
E S
S A
T IO
N O
F M
E M
B E
R S
H IP
R et
ir em
en t
D
ea th
W
it h
d ra
w al
T
ra n
sf er
o
n
d ef
er re
d
p en
si o
n s(
o r
b en
ef it
s)
N u
m b
er
o f
n ew
en tr
an ts

N u
m b
er o
f
m em
b er
s at
b eg
in n
in g
o f
p er
io d
A g
e
G ro
u p

LAWS OF GUYANA
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L.R.O. 1/2012
N u
m b
er
o f
m em
b er
s at
th e
en d
o
f
th e
p er
io d

(b )
ch an
g es
in
th
e n
u m
b er
o
f p
en si
o n
er s
o f
th e
fu
n d
d
u ri
n g
th
e
in te
rv av
lu at
io n
p er
io d
a s
fo ll
o w
s -
U n
d er
2 5…
..
25 -3
0… ..
30 -3
5… ..
35 -4
0… ..
40 -4
5… ..
45 -5
0… ..
55 -6
0… ..
6 0-
65 …
..
T o
ta l…
… …
..
LAWS OF GUYANA
126 Cap. 91:02 Insurance
L.R.O. 1/2012
N u
m b
er o
f
p en
si o
n er
s
at e
n d
o f
p er
io d
A g
e H
ea lt
h
N u
m b
er o
f
p er
so n
s
ce as
in g
t o
re ce
iv e
p en
si o
n f
o r
o th
er c
au se
s
A g
e H
ea lt
h
N u
m b
er o
f
p en
si o
n er
d ie
d
d u
ri n
g
A g
e H
ea lt
h
N u
m b
er o
f
p en
si o
n er
s o
n
p en
si o
n
d u
ri n
g
A g
e H
ea lt
h
N u
m b
er o
f
m em
b er
s
at t
h e
b eg
in n
in g

o f
p er
io d

A g
e H
ea lt
h
N u
m b
er
A g
e
G ro
u p

U n
d er
3 5…
.
35 -4
0… …
…
45 -5
5… …
…
55 -6
5… …
…
75 a
n d
o v
er …
… .
T o
ta l

LAWS OF GUYANA
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L.R.O. 1/2012
2. The second part of the report shall contain the
following information –
(a) general observations regarding mortality,
withdrawal and retirement from service and
progression of salary during intervaluation
period and general observations on any
other factors entering into the valuation;
(b) a description of the mortality and all other
rates used (specimen rates to he shown in
and appendix to the report);
(c) average rates of interest realized by the
assets of the fund whether invested or not
during each year and the intervaluation
period;
(d) the rate of interest assumed in the
calculations for purpose of the valuation,
and
(e) a statement indicating –
(i) whether and how it has been secured
that the estimated net liability in
respect of any employer is not
negative,
(ii) the amount of and the reason for any
special reserves which has been set
up.
3. The final part of' the report shall contain
information about the results of' the valuation, and analysis
of the surplus or deficiency shown and a
recommendation as to how much of the surplus can be
LAWS OF GUYANA
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regarded as disposable, or if a deficiency, the manner in
which the deficiency can be liquidated.
4. The report shall close with any further observations
the actuary may wish to offer on the valuation.
____________________

LAWS OF GUYANA
Insurance Cap. 91:02 129
SUBSIDIARY LEGISLATION
_________________
Reg. 14/2007 INSURANCE (COMPANY REGISTRATION)
REGULATIONS
made under section 17
Citation. 1. These Regulations may be cited as the Insurance
(Company Registration) Regulations.
Interpretation.

Application
for
registration
as an insurer
other than as
an external
insurer.

Application for
registration as
an external
insurer.
Forms to be
completed by
an insurer
2. In these Regulations-
‚Chief Executive Officer‛ means the person in accordance
with whose direction or instructions the officers of a
company are ordinarily required or accustomed to act;
‚Principal Representative‛ means the appointed Chief
Executive Officer or his equivalent.
3. Every application for registration under Part VII of
the Act by an insurer other than an external insurer shall be
prepared and completed in accordance with the provisions
in Part I of the Schedule to these Regulations.
4. Every application for registration under Part VII of
the Act by an external insurer shall be prepared and
completed in accordance with the provisions in Part II of the
Schedule to these Regulations.
5. Every application for registration under Part VII of
the Act by an insurer other than an external insurer shall be
made in the forms set out as Forms A1, B1, B2, C, D and E
L.R.O. 1/2012
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other than an
external
insurer.
Forms to be
completed by
an external
insurer.
reg. 3
in Part III of the Schedule to these Regulations.
6. Every application for registration under Part VII of
the Act by an external insurer shall be made in the forms set
out as Forms A2, B1, B2, C, D and E in Part III of the
Schedule to these Regulations.
SCHEDULE
PART I
INSTRUCTIONS TO GUYANA INCORPORATED
COMPANY APPLICANTS
General
1. The application shall specify or include the following:-
(i) Where the information required cannot be
supplied on the application form itself should be
typed as an appendix on separate sheet(s) of
paper using the same numbering and lettering
and sub-lettering contained in the application
with cross referencing.
(ii) A copy of the minutes of the meeting of the board
of directors of the company confirming the
Principal Representative or a letter signed by the
Company Secretary and a Director confirming the
Principal Representative.
(iii) A list of all items submitted with the application
and explanations for omissions, if any.
(iv) The address of the Head Office of the insurer.

LAWS OF GUYANA
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(v) The names of directors and auditors of the
company.
(vi) The name and address of the Principal
Representative of the Company.
(vii) The name of the actuary of the company.
(viii) The countries, if any, outside Guyana in which the
company carries on insurance business.
(ix) The classes of insurance business undertaken by
the company (This should be consistent with the
classes defined in Schedule 1 to the Act).
(x) A copy of the instruments constituting the
company or any other duly certified proof of
incorporation.
(xi) A copy of the articles of association and other
rules of the company.
(xii) A copy of the latest actuarial valuation report
upon the financial position of the company.
For companies that have no prior insurance
liabilities the actuary should sign off the
business projections and proposed long-term
premium rates of the insurance business. A copy
of the proposed rates for long-term insurance
business should also be supplied.
(xiii) The details of the proposed management
structure of the company including names,
designations and reporting lines of senior
management, the underwriting department and
the internal auditor. This should be accompanied
by a corporate chart showing the composition of
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L.R.O. 1/2012
the group if the company is part of a group of
companies and also include the details of any
related parties and subsidiaries.
(xiv) For companies with shareholders a statement
showing nominal, subscribed and paid up capital
of the company and details of all major
shareholders of the company (20% or greater),
including the exact size of their holding.
(xv) For companies that are subsidiaries or branches,
copies of items mentioned at serial numbers (ix),
(x), and (xii) for the Head Office and a copy of the
latest audited financial statements of the Head
Office including the Revenue Account and
balance sheet.
(xvi) The specimens of various standard forms of
proposals and policies to be issued in Guyana,
certified by a director or the Principal
Representative to be true and correct. If the
company operates in territories other than
Guyana, a list of all products being sold and a
brief description of each product if different from
those being proposed to be sold in Guyana.
(xvii) A copy of any applicable reinsurance contract in
effect and in the absence of these details of what
reinsurance arrangements will be in place for the
new company.
(xviii) A list of agents and other distribution channels to
be contracted and used by the company.
(xix) A signed statement by a director of the company
that the company has satisfied section 95 of the
Act, and in particular that the company-

LAWS OF GUYANA
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L.R.O. 1/2012
(a) is satisfied that each agent listed at
serial number (xviii) is a fit and
proper and competent agent;
(b) has considered the suitability of an
agent in light of his or her
qualifications;
(c) has considered and taken into account
any complaints received from a
proposer or a policyholder in relation
to the agents listed at serial number
(xviii).
(xx) Proof of payment of the filing fee ($250,000 per
company).
(xxi) Proof in the prescribed format that the company
has made the required statutory deposits.
(xxii) Completed Fit and Proper declarations (as set out
in Forms B1 and B2 in Part III of this Schedule) of
all applicable persons, particularly the ‘Fit and
Proper’ forms for the board of directors of the
company and for the Managing Director or Chief
Executive Officer. Fit and Proper forms may be
required for other senior management officers
and Controllers.
(xxiii) A business plan of three years shall be submitted
in the form as set out in Form C of Part III of this
Schedule.
(xxiv) A detailed breakdown of assets, specifying assets
to be used for the statutory funds (and their
market value). An explanation of how the market
value has been derived should be provided.
LAWS OF GUYANA
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(xxv) A list of all business, other than insurance
business, carried out by the company and other
members of the group if the company is part of a
group, overseas and local;
(xxvi) If a Controller of the applicant is a non-local
company, information about the Controller is
required. This will include its latest audited
financial statements and a copy of its articles of
incorporation and association or rules. If the
Controller or any sister company conducts
insurance or any other financial business that is
regulated, a letter of good standing from the
home regulator is required. Letters of good
standing from host regulators may also be
required.
(xxvii) If a Controller of the applicant is a locally
incorporated company, information about the
Controller is required including its latest audited
financial statements, copies of its articles of
incorporation and association or rules. If the
Controller conducts any financial business that is
regulated a letter of good standing from the
official regulator or its equivalent is also required.
(xxviii) If a Controller of the applicant is an individual,
he or she is required to complete a fit and proper
declaration (See Form B1 in Part III of this
Schedule).
Fit and Proper declarations
2. If a person other than the Chief Executive Officer
is appointed as the Principal Representative, that person
shall be required to complete a Fit and Proper declaration
and the company shall provide reasons for his or her
appointment and also seek approval from the
LAWS OF GUYANA
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[Subsidiary] Insurance (Company Registration) Regulations
L.R.O. 1/2012
Commissioner.
3. All Controllers shall submit to a fit and proper
assessment.
4. The members of the board of directors of the
company shall collectively complete and individually sign
off the Declaration Form set out as Form B1 of Part III of this
Schedule.
5. A person who acts as a managing director or
Chief Executive Officer of the company shall personally
complete and sign off the Declaration Form set out as Form
B2 of Part III of this Schedule.
6. A shareholder shall not be required to complete a
Fit and Proper declaration provided that the sum total of
their shareholding does not amount to or is less than
twenty-five per cent (25%) of any class of voting shares or is
a company.
Statutory Deposit
7. In accordance with Part IX, of the Act, an insurer
shall ensure that the appropriate deposit is made with the
Commissioner.
8. A person is guilty of an offence if he fails to make
the deposit referred to in paragraph 7 with the
Commissioner.

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reg. 4
PART II
INSTRUCTIONS TO EXTERNAL INSURANCE
COMPANY
APPLICANTS
General
1. The application shall specify or include the
following:-
(i) Where the information required cannot be
supplied on the application form it should
be typed as an appendix on separate sheets
of paper using the same numbering and
lettering or sub-lettering contained in the
application.
(ii) A list of all items submitted with the
application and explanations for omissions,
if any.
(iii) The address of the Head Office of the
insurer.
(iv) The name of directors and auditors of the
company.
(v) The name and address of the main
representative of the company.
(vi) For the purpose of these Regulations the
main representative shall be a person
resident in Guyana who shall conduct
insurance business at an established branch
or agency formed in Guyana on behalf of the
external insurer.
LAWS OF GUYANA
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L.R.O. 1/2012
(vii) The name of the actuary of the company.

(vii) The countries in which the company carries
on or proposes to carry out insurance
business.
(viii) A copy of the instruments constituting the
company or other duly certified proof of
incorporation.
(ix) A copy of the articles of association or other
equivalent rules of the company.
(x) A copy of the latest actuarial valuation
report upon the financial position of the
company.
(xi) Proof that the company is lawfully
constituted in accordance with the laws of
the country in which it is incorporated.
(xii) The details of the proposed management
structure of the company including names,
designation and reporting lines of senior
management, the underwriting department
and the internal auditor. This should be
accompanied by a corporate chart showing
the composition of the group if the company
is part of a group of companies and include
details of any related parties and
subsidiaries.
(xiii) A proof that the company has undertaken
insurance business in the country in which it
is incorporated for at least three (3) years
before the date of application and operates
as a regulated institution in the country of
its incorporation.
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(xiv) For companies with shareholders a
statement showing the nominal, subscribed
and paid up capital of the company and
details of all major shareholders of the
company (20% or greater), including the
exact size of their holding.
(xv) A letter stating that the company intends to
appoint a person resident in Guyana as its
main representative in Guyana and the
name and address of that person.
(xvi) A letter of good standing from the home
regulator.
(xvii) The classes of insurance business
undertaken by the company (this should be
consistent with the classes defined in
Schedule 1 to the Act).
(xviii) A copy of the latest actuarial valuation
report upon the financial position of the
company.
(xix) The specimens of the various standard
forms of proposals and policies to be issued
in Guyana, certified by main representative
to be true and correct. A list of all products
being sold in other territories and a brief
description of each product if different from
these being proposed to be sold in Guyana.
(xx) A copy of any applicable reinsurance
contracts in effect and in the absence of these
details of what reinsurance arrangements
shall be in place for the company.
(xxi) Completed reinsurance declarations as set
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out in Form D in Part III of this Schedule.
(xxii) A list of agents and other distributions
channels to be contracted and used by the
company.
(xxiii) A signed statement by the main
representative of the company that the
company has satisfied section 95 of the Act,
and in particular that the company-
(a) is satisfied that each agent listed in
(xvii) is a fit and proper and
competent agent.
(b) has considered the suitability of an
agent in light of his/her qualifications.
(c) has considered and taken into account
any complaints received from a
proposer or policyholder in relation to
the agents mentioned in the list
furnished against serial number
(xxiii).
(xxiv) The proof of payment of the filing fee ($250,000
per company).
(xxv) Document in support of the fact that the company
has made the required statutory deposits in the
prescribed format.
(xxvi) Completed Fit and Proper declarations (as set out
in Forms B1 and B2 in Part III of this Schedule) of
all applicable persons, particularly the ‘Fit and
Proper’ declaration forms for the Controllers of
the company and for the main representative,
where the main representative is a company, Fit
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and Proper forms as set out in Form B1 shall be
completed by the board of directors of that
company.
(xxvii) A three year business plan shall be submitted in
the format as set out in Form C in Part III of this
Schedule.
(xxviii) A detailed breakdown of assets specifying the
assets to be used for the statutory funds (and their
market value). The applicant shall also furnish the
particulars of investments and bankers as set out
in Form E of Part III of this Schedule. An
explanation on how the market value has been
derived should also be provided.
(xxix) A list of all business, other than insurance
business, carried on by the company and other
members of the group if the company is part of a
group, overseas and local.
(xxx) The information about the Controller of the
company is required to be furnished. This shall
include its latest audited financial statements, and
copy of its articles of incorporation and
association and other relevant rules. If the
Controller or any sister company conducts
insurance or any other financial business that is
regulated, a letter of good standing from the
home regulator is required. Letters of good
standing from other host regulators are also
required to be furnished.
(xxxi) If a Controller of the applicants is a locally
incorporated company, information about the
Controller is required including its latest audited
financial statements, copies of its articles of
incorporation and association or rules. If the
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Controller conducts any financial business that is
regulated, a letter of good standing from the
official regulator or its equivalent is required.
(xxxii) If a Controller of the applicant is an individual,
he or she is required to complete a fit and proper
declaration as set out in Form B2 of Part III of this
Schedule.
Fit and Proper declarations
2. The main representative shall be required to
personally complete and sign off a Fit and Proper
declaration as set out in Form B2 of Part III of this Schedule
and the company shall provide reasons for his or her
appointment and also seek approval from the
Commissioner.
3. All Controllers shall submit to a fit and proper
assessment.
4. The members of the board of directors of the
company shall collectively complete and individually sign
off the Declaration Form Set out as Form B1 in Part III of this
Schedule.
5. A shareholder shall not be required to complete a
Fit and Proper declaration provided that the sum total of
their shareholding does not amount to or is less than
twenty-five percent (25%) of any class of voting shares or is
a company.
Statutory Deposit
6. In accordance with Part IX of the Act, an insurer
shall ensure that the appropriate deposit is made with the
Commissioner.

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reg. 5

7. A person is guilty of an offence if he fails to
make the deposit referred to in paragraph 6 with the
Commissioner.
PART III
FORMS
FORM A1
Office of the Commissioner of Insurance
No. ..............................................................
Date on which received............................
APPLICATION FOR REGISTRATION BY A
COMPANY INCORPORATED IN
GUYANA
(The Insurance Act, Cap. 91:02 , sections 23 and 24)
TO
THE COMMISSIONER OF INSURANCE,
GEORGETOWN, GUYANA
1. I hereby apply on behalf of the company named below
for registration to carry on in Guyana the following
class or classes of insurance business in accordance with
thereunder:
[See Part I of the instructions to Applicants]
Signature
the Insurance Act and the Regulations made
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.....................................................
Office: Director/Principal
Representative
Date:......................................................
........
2. Name of company: .......................................................

................................................................................................
3. Address of the registered office of the company in
Guyana:
....................................................................................................
....................................................................................................
......................................................................................... ....
Telephone No:............................ Fax No: .....................
4. List of enclosures furnished as per the instructions.

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reg. 6
FORM A2
Office of the Commissioner of Insurance
No. ..............................................................
Date on which received............................
APPLICATION FOR REGISTRATION BY AN
EXTERNAL INSURANCE COMPANY
(The Insurance Act Cap. 91:02, sections 23 and 24)
TO
THE COMMISSIONER OF INSURANCE,
GEORGETOWN, GUYANA
1. I hereby apply on behalf of the company named below
for registration to carry on in Guyana the following
class or classes of insurance business in accordance with
the Insurance Act, Cap. 91:02, and the Regulations made
thereunder:
[See Part II of the instructions to Applicants]
Signature
.....................................................
Office: Director/Main
Representative
Date:......................................................
2. Name of company: ............................................
3. Address of the office of the company in Guyana:
...........................................................................................
Telephone No:....................................... Fax No:
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regs. 5, 6
.....................
4. Address of the registered (home) office of the company
overseas:
....................................................................................................
.............................................................................................
Telephone No.:............................. Fax No.:.....................
5. List of enclosures furnished as per the instructions.
Form B1
INSURANCE ACT, CAP. 91:02
DECLARATION BY COMPANY TO BE
FIT AND PROPER
Note:
If the space provided is insufficient to record the details,
please attach annexure(s). Any such annexure should be
identified and must be signed by the signatories to this
declaration.
INFORMATION ON THE COMPANY
1. (a) Name of applicant company: ....................
(b) Address of registered office: ......................
(c) Place and date of incorporation: ........................
2. Details of board of the directors, including the name,
residential address, and date of appointment

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Name
Residential
Address
Executive/
Non-
executive
Date of
appoint-
ment
1.
2.
3.
4.
5.
6.
7.
8.
3. Set out name and address of each person, other than those
shown as directors, who, directly or indirectly, exercises or
has the power to exercise a controlling influence over the
management and policies of the applicant: Please use
annexure if these persons are more than four (4):
Name
(1)
Position in
Company/
Job Title
(2)
Residential
address
(3)
1.
2.

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3.
4.
4. Is any director of the applicant a director of any other
company?
Yes/No
Using an annexure, answer ‚Yes‛ or ‚No‛ for each
person; if the answer is ‚Yes‛, give details of –
(a) names of companies;
(b) places of incorporation; and
(c) dates of appointment.
[For questions 5 to 7, answer ‘Yes‛ or ‚No‛ in the space
provided. If the answer is ‚Yes‛, attach annexure giving
all relevant particulars.]
5. Are there any established committees (e.g.
Remuneration Committee, Audit Committee)?
Yes/No
Please specify details of threes committees and disclose
the membership of those committees including any
Non-Board members or independent members.
6. Has any director of the applicant within the past ten (10)
years:
Answer
(a) been granted any Loan(s) by the
applicant? If answer is ‚YES‛ please provide
in the annexure the status of repayment
of the said loan(s)
.................
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(b) been licensed, registered or otherwise authorised by
law to carry on any trade, business or profession in
any place? ...................
(c) been refused the right or restricted in its, his or her
right to carry on in any place any trade, business or
profession for which a specific licence, registration
or other authority is required by law?
..................
7. Has any director of the applicant within the past
10 years-
(a) been known by any name other than the name or
names shown in this application? ..................
(b) been convicted of any offence inclusive of a traffic
offence in Guyana or elsewhere or are there any
proceedings now pending which may lead to such a
conviction? ...…………
(c) had judgment including findings in relation to
fraud, misrepresentation or dishonesty been given
against him or her in any civil proceedings, in
Guyana or elsewhere? (If ‚Yes‛, using an annexure,
give full details, including whether judgment is
unsatisfied.) ....................
(d) been declared bankrupt or compounded with or
made an arrangement for the benefit of his or her
creditors, in Guyana or elsewhere?
....................
(e) been engaged in the management of any company
other than those referred to in answer to question 4?
....................
(f) been refused a fidelity or surety bond in Guyana or
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elsewhere? ....................
(g) been disqualified as a director, or been director of a
company that has gone into receivership or
liquidation, in Guyana or elsewhere?
....................
(h) has applied to any regulatory authority (in Guyana
or elsewhere) for permission to carry on in any
place, any trade, business or profession for which a
specific licence, registration or other authority
is required by law?
...................
8. In relation to each director of the company, set out on an
annexure details of the director’s employment and
business activities during the previous five (5) years
using the format given below:
Name of
Director
(1)
Name and
address of
employer (if
self-
employed so
state)
(2)
Nature
of
business
(3)
Description of
duties in
relation to the
employment
or activity
(4)
Period of
employment
or activity
(give exact
dates)
(5)
1.
2.
3.
4.
5.

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9. Set out any additional information (including any
formal qualifications or training of the directors of the
applicant and the name of the institution that conducted
the course) considered relevant to this application:
1.
2.
3.
4.
5.
6.
7.
8.

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10. Particulars of character referees:
Name of Character
Referee
(1)
Address of
Character
Referee
(2)
Occupation of
Character
Referee
(3)
Name of
Director in
respect of
whom
enquiries may
be made
(4)
1.

2.

3.

4.

5.

6.

7.

8
.



a)
The board of directors certifies that all the above
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regs. 5, 6
information contained in and accompanying this form is
complete and accurate to the best of its knowledge and
belief.
The board of directors also undertakes to notify the
Commissioner, within a period of fifteen (15) days, of any
material change to any information given in this Declaration
Form.
Dated this.......................day of................20...... at..............
.......................................... ……………………………….
(Signature) (Position)
............................................ .............................................
(Signature) (Position)
........................................... ............................................
(Signature) (Position)
......................................... ……………………………
(Signature) (Position)
......................................... ..........................................
(Signature) (Position)
......................................... .........................................
(Signature) (Position)
......................................... .........................................
(Signature) (Position)
......................................... ........................................
(Signature) (Position)
SWORN BY COMMISSIONER OF OATHS
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Form B2
PERSONAL DECLARATION FORM
1. Name and Capacity of the Applicant:
(a) Name:
________________________________
(b) Position or Capacity:
_________________________________
2. Date and place of birth:
__________________________________________________
__________________________________________________
3. (a) Citizen of: ________ (b) Resident of: ________
(Country) (Country)

Since: ____________ Since: _______________
(Year) (Year)
4. Addresses:
(a) Present Business Address:
(Guyana, since ....................) (Outside Guyana,
since....)
_______________________
_______________________
(b) Present Residential Address:
(Guyana, since ....................) (Outside Guyana,
since....)
_______________________
_______________________
(c) Last two addresses in Guyana, if any, during the
past 10 years:
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(Since.............................) (Since……………….)
_________________________
_________________________
_________________________
5. Professional Qualifications:
Particulars Year Obtained
(a) Highest Academic Degree and
Institution granting Degree:
________________________ _______________
________________________ _______________
________________________ _______________
(b) Special Awards or Honours:
__________________
__________________
__________________
_________________
__________________
(c) Training Courses or
Seminars and Training Institution(s):
__________________
__________________
__________________
__________________
(d) Membership in Professional
Organisations:
____________________
____________________
6. Occupation or Employment (Present or most recent and
for the last 10 years:


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Inclusive Dates
(Mth and Yr)
Name and Business Positions Held From To
of Employer
____________ __________ _______ ____

7. Details of all Loans from Employer (Present or most
recent and for the last 5 years) and any outstanding
loans:
Name and Business Date Loan Taken Status of Loan
of Employer Repayment
________________ ________________ __________
________________ ________________ __________
8. Other Business Affiliations (Direct and Indirect):
Inclusive Dates
Nature of Affiliation i.e. Director,
Officer, Officials, (Mth and Yr)
Name of Business Shareholder with % From To
holdings specified etc.
________________ ____________________ ______ _____
________________ ____________________ ______ _____
9. Family Group:
Business Affiliations (State Name of Business and Nature of Affiliation i.e. Director,
Officer, Officials, Shareholder
with % holdings specified etc.)
Name
(a) Spouse or Reputed Spouse:
__________________________
(b) Children:
_______________________
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_______________________
_______________________
(c) Parents
______________________
______________________
_______________________
_______________________
(d) Others: (please specify)
______________________
_____________________
10. Record of court cases, applications for licence or
registration of any type of regulated financial business
or any investigation by governmental, professional or
any regulatory body (including pending cases or on-
going investigations):
Name of Court or
Investigative Full Particulars Status
Body
_________________ ______________ _________
_________________ ______________ _________
11. Documentary Requirements:
(a) Police Clearance.
(b) Certified statement of assets and liabilities including
details of outstanding debts.
(c) Latest tax compliance certificate from the Inland
Revenue Department or certified true copy of
income tax and property tax returns
(d) Letters of two (2) character references from
individuals other than relatives who have
personally known the undersigned for at least ten
(10) years.

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regs. 5, 6
12. Certification and Undertaking:
I, _______________ hereby declare that there are no
unauthorised borrowings including overdrafts on
deposit account, past-due or delinquent accounts, or
defaults on loans from financial institutions with whom
I have had dealings for the last five (5) years.
I, _________________ certify that all the above
information contained in and accompanying this form is
complete and accurate to the best of my knowledge and
belief and that no material information has been
concealed or suppressed.
I, _________________ also undertake to notify the
Commissioner, within a period of fifteen (15) days, of
any material change to this Personal Declaration.
_______________ __________________________
(Signature) (Position)
______________________
(Date)
Form C
BUSINESS PLAN
1. The business plan provides projections covering a three
(3) year period. It shall include projections of the
company’s cash flow by class of business and the capital
position of the company by class of business, including a
breakdown of the projected statutory fund, assets and
other liabilities. Details of expense assumptions,
expected loss ratios and projected new business volumes
by class of business shall be provided.

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2. The estimated amount of premium income during each
of the next three years in respect of each class of
insurance business which the company will carry on, in
the following form:
GROSS NET OF REINSURANCE
Year
1
Year
2
Year
3
Year
1
Year
2 Year 3
$ $ $ $ $ $
(i) Direct
Insurance in
Guyana

(ii) Direct
Insurance
elsewhere

(iii)
Reinsurance
accepted in
Guyana

(iv)
Reinsurance












accepted
elsewhere

Total of (i) to
(iv)
3. The plan shall clearly state all sources of capital
available to the applicant and the amount (if any) by
which it is intended to increase the paid-up capital of
the company in cash in each of the next three years.
4. The sum expected to be spent in each of the next three
years on new premises, office equipment, motor
vehicles, etc.
5. The sum expected to be spent during each of the next
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[Subsidiary] Insurance (Company Registration) Regulations
L.R.O. 1/2012
three years on advertising and other methods of
promoting business.
6. For each class of insurance business to be carried on by
the company in Guyana during the next three years state
the following:
7.
(a) The method or methods by which the
policies will be marketed (e.g., by the
company’s own organisation, by brokers,
salesmen, agents or by all methods).
(b) If more than one method is to be used, the
expected proportions to be marketed by
each.
(c) The rates of commission assumed in the
projections by class of business.
8. Indicate the operational functions that are expected to be
outsourced (if any) during the first three years of
operation.
9. The names of the company’s agents in Guyana, their
addresses and the classes of insurance business for
which they will be responsible.
10. In respect of each class of business for which registration
is being sought:
(a) state the proposed premium rates before
deduction of commission. (The premium
rate book must be submitted in the case of
companies carrying on long-term insurance
business).
(b) for general insurance business, state the
percentage of premium (net of reinsurance)
which claims are expected to form by class.
(c) for general insurance business, state the
LAWS OF GUYANA
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regs. 5, 6
percentage of premium (net of reinsurance)
which management expenses excluding
commissions are expected to form by class.
(d) for general insurance business, state the
percentage of premiums (net of reinsurance)
which commissions are expected to form.
(e) for long-term insurance business provide a
statement confirming that the Actuary has
approved the proposed premium rates as
provided for in section 129 of the Act.
(f) attach specimens of the standard forms of
proposals and policies to be used and issued
in Guyana.
Form D
Reinsurance Arrangements
1. State the nature and extent of the existing or proposed
reinsurance arrangements in respect of each class of
business indicating clearly the amount of the applicant
company’s retention in each case (Attach supporting
statements, treaties, etc.)
2. Prepare a depiction of the reinsurance arrangements or
intended reinsurance arrangements that shows by each
type of risk –
(a) the percentage being retained by the insurer for
quota share arrangements;
(b) the percentage of risk being retained by each
reinsurer or underwriter for quota share
arrangements;
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L.R.O. 1/2012
(c) the layer and level of risk in Guyana dollars being
retained by the insurer for excess of loss
arrangements;
(d) the level of risk in Guyana dollars for each layer
being retained by each reinsurer or underwriter for
excess of loss arrangements;
(e) the amount of catastrophic reinsurance if any; and
(f) the maximum limit of risk, if any, in Guyana
dollars covered by the insurer’s reinsurance
arrangements.
3. Clearly indicate the proportion (if applicable) and
amount of risk in Guyana dollars per class of insurance
business that will be retained by the company.
4. Clearly indicate the maximum amount (if any) per risk,
per class and per policy type that will be underwritten
in the first three years of operation as well as the
respective maximum amounts (if any) to be reinsured.
5. State the names and registered addresses of the
reinsurance companies or associations of underwriters
which will reinsure or is intended to reinsure the
company’s business and the amount which will be
reinsured or is intended to be reinsured by each.
6. Provide the most recent credit rating of each reinsurer or
underwriter (specified at syndicate level of Lloyd’s) or
proposed reinsurer or proposed underwriter and the
date at which this rating is effective.

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regs. 5, 6
Form E
Capital, Investments and Bankers
1. State the capital available to the applicant for the
purposes of writing insurance business in accordance
with the provisions of the Act and provide details of the
composition of the capital.
2. List the investments (under the appropriate headings)
held by the company that is intended to be used for the
purposes of writing insurance business in accordance
with the provisions of the Act, the value of each
investment at the end of the financial year immediately
preceding the date of this application and state the
method of valuation.
3. The place or places at which the documents of title in
respect of the company’s present investments are held,
the place or places at which it is proposed to hold the
documents of title in respect of the company’s present
and future investments and particulars of any of the
documents which are or will be held outside Guyana.
4. State the names and addresses of the banks in which the
company has accounts at present or intends to have
accounts.
5. State the names and addresses of other institutions
(excluding shareholders) that the applicant may have
access to loans or capital in which the company has
accounts at present or intends to have accounts.
____________


LAWS OF GUYANA
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Reg. 15/2007 INSURANCE (COMPANY ACCOUNTS, FORMS
AND
DOCUMENTS) REGULATIONS
made under section 17
Citation. 1. These Regulations may be cited as the Insurance
(Company Accounts, Forms and Documents) Regulations.
Interpretation.
Schedule 1.
Schedule 2.
c.85:03
2. In these Regulations –
"claims outstanding" means the amount set aside by the
insurance company at the end of a financial year for
the purpose of meeting unsettled claims (including
claims in respect of which the claims arising out of
incidents which have not been notified to the
company) under contracts of insurance in respect of
incidents occurring before the end of that year and for
the purpose of meeting expenses likely to be incurred
in connection with the settlement of such claims;
“directions” means directions in Schedule 1 to these
Regulations;
“form" means a form in Schedule 2 to these Regulations and
includes the Cover Sheet shown in Schedule 2;
“gross premiums" means premiums after deduction of
refunds and rebates of premiums but before reduction
of premiums for reinsurance ceded and commission
payable by the company;
"loans" includes loans, advances, financial guarantees or
other extensions of credit or other liabilities" under
section 14 of the Financial Institutions Act and
encompasses all on-balance sheet credit facilities, such
L.R.O. 1/2012
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L.R.O. 1/2012

Directions
Schedule 1.
as loans, overdrafts, receivables, and other credit as
well as off-balance sheet commitments, such as
acceptances, guarantees and other contingent
liabilities granted to or incurred on behalf of any
person or borrower group and also includes loans,
overdrafts, receivables, and other extensions of credit
funded by trust and similar fiduciary accounts;
“non-admitted assets" means assets held by the insurer that
are not assets of a statutory fund;
"reinsurance recoveries" includes recoveries in connection
with reinsurance ceded;
"unearned premiums" means the amount set aside by an
insurance company at the end of a financial year out
of premiums in respect of risks to be borne by the
company after the end of its financial year under the
contracts of insurance entered before the end of that
year;
"unexpired risks" means the amount set aside by an
insurance company at the end of a financial year, in
addition to unearned premiums, in respect of risks to
be borne by the company after the end of a financial
year under contracts of insurance entered into before
the end of that year;
"well-secured loan" means that the collateral held is
sufficient to protect the company from loss of
principal and interest through its timely disposition
under a forced liquidation programme.
3. Forms A1 to F3 shall be prepared and completed in
accordance with the directions in Schedule 1 to these
Regulations.

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L.R.O. 1/2012
Cover Sheet
and Forms
Schedule 2.
Revenue
account.
Submission
of additional
Forms by
insurers.


Business
outside
Guyana.
Profit and
loss account
or income
4. The Cover Sheet and Forms A1 to F3 shall be as
shown in Schedule 2 to these Regulations.
5. An insurer other than an external insurer shall, in
accordance with subsection (1) of section 27 of the Act,
prepare and submit to the Commissioner a revenue account
that shall show the items listed in the revenue account in the
forms mentioned below-
(a) Form A1 with respect to each class of long-
term insurance business carried on by the
company in the order and under the
headings and sub-headings given in the
relevant forms; and
(b) Form B1 with respect to each class of
general insurance business carried on by the
company, in the order and under the
headings and sub-headings in the relevant
forms.
6. (1) An insurer conducting long-term insurance
business shall prepare and submit to the Commissioner the
particulars listed and as set out in Forms A2 to A4.
(2) An insurer conducting general insurance
business shall prepare and submit to the Commissioner the
particulars listed and as set out in Forms B2 and B3.
7. An insurer other than an external insurer shall
prepare and submit to the Commissioner separate forms
with respect to each class of insurance business carried on by
the company in respect of business outside Guyana for each
country of operation.
8. An insurer other than an external insurer shall
prepare and submit to the Commissioner a profit and loss
LAWS OF GUYANA
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and
expenditure
account.
Profit and
loss for both
long-
Term and
general
insurance.
Balance
Sheet.
Balance Sheet
for both long-
Term and
general
insurance.
External
insurer
annual
account.

Submission
of proof of
approval,
audit, etc.
account (or income and expenditure account if the business
is not operated for profit) in accordance with the form set
out as Form C1.
9. An insurer other than an external insurer shall in
accordance with subsection (2) of section 27 of the Act
prepare and submit to the Commissioner a profit and loss
account in accordance with the form set out as Form C1.
10. An insurer other than an external insurer shall
prepare and submit to the Commissioner a balance sheet in
accordance with the form set out as Form D1.
11. An insurer other than an external insurer shall in
accordance with subsection (2) of section 27 of the Act
prepare and submit to the Commissioner a balance sheet in
accordance with the form set out as Form D1.
12. An external insurer shall in accordance with
subsection (2) of section 29 of the Act prepare and submit to
the Commissioner a revenue account, profit and loss account
and a balance sheet in accordance with the forms set out as
Forms A1, B1, C1 and D1 as applicable.
13. (1) In accordance with subsection (1) of section 30
of the Act Forms Al, B1, C1 and D1 shall be signed by the
company secretary and a director of the company and
approved by the board of directors of the company and shall
indicate the date on which the accounts were so approved.
(2) In accordance with subsection (2) of section 30 of the Act the annual accounts of an external insurer shall be
signed by the company secretary, a director of the company
and the main representative of the insurer and approved by
the board of directors of the company and shall indicate the
date on which the accounts were so approved.
LAWS OF GUYANA
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[Subsidiary] Insurance (Company Accounts, Forms and
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L.R.O. 1/2012

Statement of
Value of
Statutory
Fund and
Deposit
Assets.

Declaration
of assets in
Guyana.
Statement of
value of Non-
Admitted
Assets.
Statutory
Fund
Requirement.
Submission of
certain
miscellaneous
returns.
(3) In accordance with subsection (3) of section 30
of the Act an independent auditor shall provide –
(a) a covering note including its opinion on the
financial information submitted in
accordance with Regulations 5 to 11
inclusive; and
(b) a copy of the management letter.
14. An insurer shall in accordance with section 51(b)
of the Act prepare and submit to the Commissioner a
statement disclosing particulars of the assets comprising the
fund for each class of business in accordance with the form
set out as Form D2.
15. In accordance with subsection (1) of section 55 of
the Act there shall be annexed to Form D2 a declaration of
the percentage of statutory fund assets invested in Guyana.
16. An insurer shall prepare and submit to the
Commissioner statements disclosing particulars of its non-
admitted assets in accordance with the form set out as Form
D3.
17. An insurer shall in accordance with section 51(a)
of the Act prepare and submit to the Commissioner a
statement disclosing particulars of the liabilities of the
insurer in respect to each Statutory Fund established in
accordance with the form set out as Form D4.
18. (1) An insurer shall prepare and submit to the
Commissioner the particulars listed and as set out in Form
E1.
(2) An insurer shall prepare and submit to the
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L.R.O. 1/2012
Corporate
structure.
Personnel
chart.

Submission
of quarterly
reports.
c. 85:03
Commissioner the particulars listed and as set out in Form
F1.
19. There shall be annexed to Form F1 a diagram
showing the corporate structure of the company and group
if relevant. The annex shall include –
(a) particulars of all shareholders with
holdings over 20% including their names
and registered addresses as well as the
amount of shares held and the
proportion of total shares;
(b) particulars of all other controlling
interests and controllers;
(c) particulars of all associate companies
including their names and registered
addresses.
20. There shall be annexed to Form F1 a diagram
showing a senior personnel chart of the company and shall
include the names of senior personnel, their designations,
numbers of staff within each department and the reporting
lines.
21. In accordance with section 39 of the Act and
subsection (5) of section 14 of the Financial Institutions Act
an insurance company shall prepare and submit to the
Commissioner within fifteen days from the end of each
calendar quarter of a year-
(a) a report on loans to top twenty borrowers as
set out below in Form F2; and
(b) a report on aggregate loans to shareholders,
directors, officers and other related persons
LAWS OF GUYANA
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[Subsidiary] Insurance (Company Accounts, Forms and
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L.R.O. 1/2012

Attached
notes.
Furnishing of
comparable
details of
annual
accounts.

Statement of
accounting
policies.


Accounts in
Guyana
dollars.
as set out in Form F3.
22. All additional information, particulars and details
required by Forms A1 to F3 inclusive shall be prepared and
submitted to the Commissioner in the form of attached
notes.
23. (1) For all items shown in respect of the annual
accounts of the insurer for the financial year to which the
balance sheet or profit and loss account or revenue account
relates, there shall, except in the case of the first submission
of accounts by an insurer in accordance with these
Regulations, be shown corresponding accounts for the
immediate preceding financial year.
(2) Except in the case of accounts relating to the
first submission in accordance with these Regulations, where
the corresponding amount is not comparable with the
amount shown for the item in question in respect of the
financial statements of the insurer for the financial year to
which the balance sheet or profit and loss account or
revenue account relates, the former amount shall be adjusted
and particulars of the adjustment and the reasons for it shall
be given in a note to the accounts.
24. The accounting policies adopted by the company
in determining the amounts to be included in respect of
items shown in the balance sheet and in determining the
profit or loss of the company shall be stated (including such
accounting policies with respect to the depreciation and
diminution in value of assets) in notes to the balance sheet
and the profit and loss account.
25. (1) An insurer shall show all amounts which are
required to be shown in its annual accounts or in any note,
certificate or report annexed thereto in accordance with the
Act or these Regulations (excluding the annual accounts
LAWS OF GUYANA
170 Cap. 91:02 Insurance
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L.R.O. 1/2012

Electronic
copies.
Financial year.
Lending
policies.
c.85:03
Capital base.
c. 85:03

prepared in accordance with subsection (1) of section 29 of
the Act) in Guyana dollars.
(2) Where any sums originally denominated in any
foreign currency have been brought into account under any
item shown in the forms, the basis on which those sums
have been translated into Guyana dollars (or the currency in
which the accounts are drawn up pursuant to subsection (1)
of section 29 of the Act) shall be stated.
26. (1) An insurer shall prepare and submit to the
Commissioner an electronic copy of the forms prepared in
accordance with these Regulations in such manner as may
be determined by the Commissioner.
(2) An insurer shall prepare and submit to the
Commissioner an electronic copy of accounts prepared and
submitted in accordance with section 28 of the Act in such
manner as may be determined by the Commissioner.
27. For the purposes of these Regulations the financial
year of an insurer shall end on the expiration of the thirty-
first day of December in each year.
28. In accordance with section 39 of the Act, an insurer
shall have well-defined lending policies and monitoring and
controlling procedures that shall enable it to comply at a
consolidated level with the limits and reporting
requirements on large loans and on loans to shareholders,
directors, officers, and other related persons under section 14
of the Financial Institutions Act and a certificate to that effect
shall be submitted to the Commissioner.
29. In accordance with section 39 of the Act and
section 14 of the Financial Institutions Act, the capital base of
an insurance company for the purpose of these Regulations
shall be –
LAWS OF GUYANA
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[Subsidiary] Insurance (Company Accounts, Forms and
Documents) Regulations
L.R.O. 1/2012
(i) the total of –
(a) the paid-up share capital or assigned
capital;
(b) the paid-up share premium;
(c) the retained earnings;
(d) the asset revaluation reserves arising
from a formal revaluation of an
immovable property but limited to
one revaluation every five years; and
(e) the other capital accounts approved
by the Commissioner;
(ii) less the following deductions –
(a) the net amount due from Head Office
and own branches abroad in the case
of a registered insurer not
incorporated in Guyana;
(b) the net amount due from parent
company, subsidiary, and other
affiliated companies;
(c) deficiencies in provisions for losses on
loans and other assets as may be
determined by the Commissioner;
(d) any asset revaluation reserves
attributed to immovable property
held within the statutory fund; and
(e) other deductions as may be
LAWS OF GUYANA
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Terms and
conditions of
loans
applicable to
share-
holders, etc.
C. 85:03
Description
of insurance
policies
Schedule 3.
Actuarial
investigation
Schedule 4.
determined by the Commissioner
which may impair capital.
30. (1) Pursuant to section 39 of the Act the loans,
advances, financial guarantees or other extensions of credit
granted to or any other liability incurred on behalf of
shareholders, directors, officers and other related persons
mentioned in subsections (3) and (4) of section 14 of the
Financial Institutions Act shall not be on terms and
conditions more favourable than the general terms and
conditions applicable to other borrowers.
(2) Paragraph (1) shall not apply loans granted or
other liabilities incurred under a duly approved fringe
benefit plan for the staff of the insurance company or under
any formal internal policy which defines the general terms
and conditions on the type of loans or other liabilities which
may be given preferential treatment by the insurance
company.
31. (1) An insurer other than an external insurer shall
prepare and submit to the Commissioner a brief description
of all types of policies still on the books in accordance with
the provisions of Schedule 3 to these Regulations.
(2) An external insurer shall prepare and submit to
the Commissioner a brief description of all types of
insurance policies relating to Guyana liabilities in
accordance with the provision of Schedule 3 to these
Regulations.
32. Where pursuant to subsection (1) of section 32 of
the Act an insurance company causes an actuary to make an
investigation into its financial condition, an abstract of the
report required by subsection (2) of that section shall be
prepared and submitted to the Commissioner in accordance
with the provisions of Schedule 4 to these Regulations.
LAWS OF GUYANA
Insurance Cap. 91:02 173
[Subsidiary] Insurance (Company Accounts, Forms and
Documents) Regulations
L.R.O. 1/2012
Trustee
certificate of
statutory
fund value.
Schedule 5.
Re-insurance
arrangements
Schedule 6.

regs. 2, 3
33. The Statement of Value of the Statutory Fund as
shown in Form D2 in Schedule 2 to these Regulations shall
be certified by its Trustees in accordance with the provisions
of Schedule 5 to these Regulations.
34. (1) An insurer other than an external insurer shall
prepare and submit to the Commissioner an exhibit of its
reinsurance arrangements in accordance with the provisions
of Schedule 6 to these Regulations.
(2) An external insurer shall prepare and submit to
the Commissioner an exhibit of its reinsurance arrangements
for Guyana business only in accordance with the provisions
of Schedule 6 to these Regulations.
SCHEDULE I
DIRECTIONS
1. It is recommended that you make a copy of the blank
forms before working on them. Electronic copies are
available on www.insurance.gov.gy or from the Office
of the Commissioner of Insurance. Please ensure you
have the most up to date version of the forms. You may
check with the Office of the Commissioner of Insurance
if you are unsure what that is.
2. Write in the date, name of the company, class of
business, names of director and company secretary, etc.
on the parts of the form that require this information
(e.g. the headings of the form).
3. For forms requiring details by sub-class or class, several
photocopies of that form may be needed.
4. If more space is required, make copies of the relevant
LAWS OF GUYANA
174 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and
Documents) Regulations
L.R.O. 1/2012
c. 89:01
forms and continue on those using extra sheets after
clearly indicating on those copies that they are
attachments to the relevant forms.
5. Number the pages of all the forms and notes
sequentially upon completion.
6. Fair value of assets shall be used. Notes to the accounts
shall be provided if values are not readily verifiable and
another method other than market value was used to
value the assets.
7. Notes shall be provided where information entered is
derived from other sources not already disclosed in the
forms, or where further details are required.
8. In cases where reinsurance costs are notionally allocated,
notes shall be provided on how the allocation was
derived.
9. Any difference between the results disclosed in these
forms and the company’s annual financial statements
required under the Companies Act or other published
financial statements or the results that would have been
obtained under International Financial Reporting
Standards should be disclosed in an appendix to these
forms. Explanations and if possible a reconciliation of
the differences should also be provided as part of this
appendix. A note produced covering this should also be
attached or the appendix should be signed off by the
auditor.
10. Forms A1, B1, C1, D1 and D2 shall be audited by an
independent auditor and evidence of this must be
provided. Each of these forms must be signed by at least
one director and the company secretary. They must
indicate the date on which the accounts were approved
LAWS OF GUYANA
Insurance Cap. 91:02 175
[Subsidiary] Insurance (Company Accounts, Forms and
Documents) Regulations
L.R.O. 1/2012
by the Board. Where the forms extend to more than one
page, all other pages must be signed by the signatories.
11. Group business should be shown separately from
individual business in all cases where reporting by class
or sub-class is required.
12. Where relevant, the exchange rates used must be shown
as accompanying notes to the forms and the dates to
which those exchange rates relate should be indicated.
13. In cases where a notional split was necessary, notes
accompanying the form shall indicate how the split was
achieved, e.g. using mean fund values for investment
income allocation or investment expense allocation.
14. The value of the fund and statutory deposit for each
class of business should never be less than the value of
the actuarial liabilities for that class of business as
calculated in the most recent valuation.
15. Any value of revenue generated by a particular class of
business shall be retained within the relevant fund until
such time that the value of the assets in the fund is
shown to exceed the value of the statutory fund
requirement.
16. The results of any business that is not insurance business
must be disclosed separately and on a consolidated basis
in Form C1.
17. For contracts in which investment or other guarantees
are given, details of the guarantees shall be provided in
Schedule 3.
18. An explanation shall be provided on the treatment of
products or policies that comprise more than one class
LAWS OF GUYANA
176 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and
Documents) Regulations
L.R.O. 1/2012
regs. 2-6,
8-22, 33
or sub-class of insurance business, in particular how the
component products or policies are allowed for in the
forms. Schedule 3 shall include details of all products or
policies that comprise more than one class or sub-class
of insurance business.
SCHEDULE 2
COVER SHEET AND FORMS
COVER SHEET
OFFICE OF THE COMMISSIONER OF INSURANCE
(GUYANA)
FORMS UNDER THE
INSURANCE (COMPANY ACCOUNTS, FORMS AND
DOCUMENTS) REGULATIONS 2007
[enter name of company here]
For the year ended
[enter date here dd/mm/yyyy]
OFFICE OF THE COMMISSIONER OF INSURANCE
126 BARRACK STREET
KINGSTON
GEORGETOWN, GUYANA

LAWS OF GUYANA
Insurance Cap. 91:02 177
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations

P ag
e
In su
re r
F o
rm A
1
L o
n g
T e
rm I
n su
ra n
c e
R e
v e
n u
e A
c c
o u
n t
b y
L in
e o
f B
u si
n e
ss
Y e
ar w
it h
r e
sp e
c t
to B
u si
n e
ss i
n [
G u
y an
a] /[
N am
e o
f C
o u
n tr
y ]
C la
ss 2
- C
la ss
2 -
P re
v io
u s
It e
m s
sh o
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m u
st b
e n
e t
o f
re as
su ra
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In su
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s o
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T o
ta l
1 .
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f u
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b ro
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h t
fo rw
ar d
2 .
N e
t P
re m
iu m
s/ C
o n
tr ib
u ti
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s

(
i) S
in g
le

(i
i) O
th e
r
3 .
C o
m m
is si
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R e
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iv e
d
4 .(
i) I
n te
re st
a n
d D
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b e
fo re
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4 ,(
ii )
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b e
fo re
t ax
4 .(
ii i)
R e
al is
e d
C ap
it al
G ai
n s/
L o
ss e
s in
c lu
d in
g
an y
g ai
n /(
lo ss
e s)
o n
c u
rr e
n c
y e
xc h
an g
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4 .(
iv )
L e
ss R
at e
s an
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ax e
s th
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4 .(
v )T
o ta
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5 .
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6 .
O th
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In c
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P ar
ti c
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o b
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p e
c if
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)
C la
ss 1
- I
n d
iv id
u al
C la
ss 1
- G
ro u
p C
la ss
3 -
I n
d iv
id u
al C
la ss
3 G
ro u
p

L.R.O. 1/2012
LAWS OF GUYANA
178 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
7 .
T o
ta l
In c
o m
e
L E
S S
- 8 .
N e
t C
la im
s P
ai d

(
i) I
n su
ra n
c e
i n
c lu
d in
g a
n n
u it
ie s

(
ii )
A n
n u
it ie
s

(
ii i)
N e
t S
u rr
e n
d e
rs

(
iv )
O th
e r
c la
im s
9 .
C o
m m
is si
o n
s P
ai d
1 0
. G
e n
e ra
l e
xp e
n se
s e
xc lu
d in
g i
n v
e st
m e
n t
e xp
e n
se
1 1
. In
v e
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t an
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n te
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1 2
. S
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ar e
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sf e
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P ro
fi t
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ss A
c c
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(F o
rm C
1 )
(f o
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w in
g a
c c
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in v
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)
1 3
. O
th e
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1 4
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1 5
. N
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F u
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1 6
. In
su ra
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e F
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S ig
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d B
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D ir
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to r
S e
c re
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D at
e (
d d
/m m
/y y
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)- D
at e
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B o
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A p
p ro
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F o
r In
d e
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t A
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it o
rs
[N am
e o
f in
d e
p e
n d
e n
t A
u d
it o
rs ]

L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 179
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
S u
m m
ar y
o f
d is
tr ib
u ti
o n
o f
n e
t in
c o
m e
1 7
. A
m o
u n
t at
tr ib
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h ar
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if k
n o
w n
1 8
. A
m o
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t at
tr ib
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d t
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c ip
at in
g p
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c y
h o
ld e
rs
1 9
. A
m o
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n o
t at
tr ib
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d
2 0
. T
o ta
l n
e t
in c
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e f
ro m
i n
su re
r
S u
m m
ar y
o f
F u
n d
m o
v e
m e
n t
2 1
. In
su ra
n c
e F
u n
d b
ro u
g h
t fo
rw ar
d
2 2
. A
m o
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t tr
an sf
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to )
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2 3
. A
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an sf
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2 4
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F u
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2 5
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S ig
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d B
y -
D ir
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to r
S e
c re
ta ry
D at
e (
d d
/m m
/y y
y y
)- D
at e
o f
B p
ar d
A p
p ro
v al
F o
r In
d e
p e
n d
e n
t A
u d
it o
rs
[N am
e o
f in
d e
p e
n d
e n
t A
u d
it o
rs ]
D at
e -

LAWS OF GUYANA
180 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
IN S
T R
U C
T IO
N S
a n
d N
O T
E S
f o
r F
o rm
A 1
1 .
E ac
h a
m o
u n
t sh
o w
n a
g ai
n st
i te
m 6
, 7
a n
d 1
3 a
b o
v e
i s
to b
e a
n al
y se
d i
n o
r in
a n
o te
a p
p e
n d
e d
t o
t h
is f
o rm
2 .
A n
y d
if fe
re n
c e
b e
tw e
e n
t h
e r
e su
lt s
d is
c lo
se d
i n
t h
is f
o rm
a n
d t
h e
I n
su ra
n c
e F
u n
d s
h o
w n
i n
t h
e c
o m
p an
y 's
a n
n u
al f
in an
c ia
l st
at e
m e
n ts
re q
u ir
e d
u n
d e
r th
e C
o m
p an
ie s
A c
t 1
9 9
1 o
r o
th e
r p
u b
li sh
e d
f in
an c
ia l
st at
e m
e n
ts s
h o
u ld
b e
d is
c lo
se d
i n
a n
a p
p e
n d
ix t
o t
h is
f o
rm
3 .
T h
e i
n su
ra n
c e
f u
n d
c ar
ri e
d f
o rw
ar d
( it
e m
1 6
) sh
al l
n o
t b
e l
o w
e r
th an
t h
e v
al u
e o
f th
e a
c tu
ar ia
l li
ab il
it ie
s d
e c
la re
d i
n
th e
l at
e st
a c
tu ar
ia l
v al
u at
in p
lu s
an y
u n
d is
tr ib
u te
d s
u rp
lu se
s
4 .
In v
e st
m e
n t
in c
o m
e a
n d
c h
an g
e s
in a
ss e
t v
al u
e s
ar e
t o
b e
p ro
v id
e d
b e
fo re
a n
y t
ax i
s d
e d
u c
te d
a n
d t
ax d
is c
lo se
d s
e p
ar at
e ly
I te
m 4
(i )
an d
( ii
)
ar e
t o
e xc
lu d
e r
e -a
d ju
st m
e n
ts o
n i
n v
e st
m e
n ts
a n
d g
ai n
s o
n t
h e
r e
al iz
at io
n o
f in
v e
st m
e n
ts w
h ic
h s
h al
l b
e s
h o
w n
i n
I te
m 4
(i ii
) an
d 4
(i v
)
5 .
W h
e re
a c
o m
p an
y d
e c
id e
s to
a ll
o c
at e
t o
t h
e f
u n
d t
h e
w h
o le
o r
an y
p ar
t o
f in
v e
st m
e n
t in
c o
m e
o r
n e
t c
ap it
al g
ai n
s ar
is in
g f
ro m
as se
ts n
o t
at tr
b u
ta b
le t
o t
h e
f u
n d
o r
b o
th ,
th e
a m
o u
n ts
i n
q u
e st
o n
s h
al l
b e
s h
o w
n a
s a
tr an
sf e
r (l
in e
6 )
an d
d e
ta il
s sh
al l
b e
p ro
v id
e d
i n
su p
p le
m e
n ta
ry n
o te
s.
6 .
It e
m 1
2 a
ll o
w s
fo r
in c
re as
e s
in a
c tu
ar ia
l an
d o
th e
r p
o li
c y
h o
ld e
rs l
ia b
il it
ie s
(s e
e F
o rm
s D
1 a
n d
D 4
).
7 .
T h
e i
n su
ra n
c e
f u
n d
c ar
ri e
d f
o rw
ar d
i n
c lu
d e
s an
e st
im at
e o
f th
e i
n su
ra n
c e
l ia
b il
it y
f o
r th
e r
e sp
e c
ti v
e c
la ss
e s
o f
b u
si n
e ss
, p
ro v
id e
d i
t is
n o
t lo
w e
r th
an
th e
a c
tu ar
ia l
v al
u e
o f
th e
l ia
b il
it ie
s fo
ll o
w in
g t
h e
m o
st r
e c
e n
t in
v e
st ig
at io
n .
It a
ls o
i n
c lu
d e
s an
y u
n d
is tr
ib u
te d
s u
rp lu
se s
(e q
u it
y )
to p
ar ti
c ip
at in
g p
o li
c y
h o
ld e
rs
an d
s h
ar e
h o
ld e
rs .
8 .
T h
e c
o m
p an
ie s
in c
o rp
o ra
te d
i n
G u
y an
a m
u st
c o
m p
le te
s e
p ar
at e
f o
rm s
in r
e sp
e c
t o
f b
u si
n e
ss o
u ts
id e
o f
G u
y an
a fo
r e
ac h
c o
u n
tr y
o f
o p
e ra
ti o
n .
F o
r
e xa
m p
le i
f th
e c
o m
p an
y o
p e
ra te
s in
c o
u n
tr y
A a
n d
B i
t m
u st
p ro
d u
c e
t h
re e
s e
p ar
at e
F o
rm s
A 1
, o
n e
f o
r G
u y
an a,
o n
e f
o r
c o
u n
tr y
A a
n d
a n
o th
e r
fo r
c o
u n
tr y
B .
9 .
T h
e c
o m
p an
ie s
in c
o rp
o ra
te d
o u
ti d
e o
f G
u y
an a
sh o
u ld
c o
m p
le te
f o
rm s
in r
e sp
e c
t o
f b
u si
n e
ss i
n G
u y
an a
o n
ly .

L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 181
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
L o
n g
-T e
rm B
u si
n e
ss P
re m
iu m
a n
d R
e in
su ra
n ce
A n
a ly
si s
o f
(N a
m e
o f
C o
m p
a n
y )
fo r
th e
Y e
a r
e n
d in
g (
D a
te )
T o
ta l
C la
ss 1
T o
ta l
T o
ta l
C la
ss 3
C la
ss 3
T
o ta
l
ex cl
a n
n u
it ie
s A
n n
u it
ie s
C la
ss 2
C
la ss
2 C
la ss
3 R
eg is
te re
d P
er so
n s

O th
er C
la ss
3
P a
rt ic
ip a
ti n
g
N o
n -P
a t
P a
rt ic
ip a
ti n
g
N o
n -P
a t
P re
v io
u s
y ea
r G
en er
a l
L if
e P
er so
n s
G en
er a
l L
if e
P er
so n
s p
re v
io u
s y
ea r
A ll
p re
v io
u s
y ea
r In
d iv
id u
a l
G ro
u p
G ro
u p
p re
v io
u s
y ea
r
$ $
$ $
$ $
$ $
$ $
$ $
$ $
$ $
1 . A
N A
L Y
S IS
O F
P R
E M
IU M
S
C O
N T
R IB
U T
IO N
S
G
ro ss
p re
m iu
m s
in r
es p
ec t
o f
(
a )
G u
y a
n a
B u
si n
es s


- S
in g
le p
re m
iu m


- R
eg u
la r
(
b )
O v
er se
a s
B u
si n
es s
[c o
u n
tr y
]


- S
in g
le


- R
eg u
la r
(
b )
O v
er se
a s
B u
si n
es s
[c o
u n
tr y
]


- S
in g
le


- R
eg u
la r
(
b )
O v
er se
a s
B u
si n
es s
[c o
u n
tr y
]


- S
in g
le


- R
eg u
la r

(c )
T o
ta l
G ro
u p
A n
n u
it ie
s
F o
rm A
2
In d
iv id
u a
l
C la
ss 1
e x
cl a
n n
u it
ie s
C la
ss 1
e x
cl a
n n
u it
ie s
G ro
u p
In d
iv id
u a
l
A n
n u
it ie
s

LAWS OF GUYANA
182 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
2 . A
N A
L Y
S IS
O F
R E
IN S
U R
A N
C E
W IT
H G
U Y
A N
A C
O M
P A
N IE
S
(
i) P
re m
iu m
s ce
d ed
-


( a
) G
u y
a n
a B
u si
n es
s


( b
) O
v er
se a
s B
u si
n es
s


( c)
T o
ta l
p re
m iu
m s
ce d
ed
(
ii )
P ro
p o
rt io
n o
f su
m a
ss u
re d

c
ed ed
( %
) if
a p
p li
ca b
le
(
ii i)
C o
m m
is si
o n
s re
ce iv
ed f
o r


( a
) G
u y
a n
a B
u si
n es
s


( b
) O
v er
se a
s B
u si
n es
s


( c)
T o
ta l
co m
m is
si o
n
(
iv )
R es
er v
es c
ed ed


( a
) G
u y
a n
a B
u si
n es
s


( b
) O
v er
se a
s B
u si
n es
s


( c)
T o
ta l
re se
rv es
c ed
ed

3 . A
N A
L Y
S IS
O F
R E
IN S
U R
A N
C E
W IT
H O
V E
R S
E A
S C
O M
P A
N IE
S
(
i) N
o n
p ro
p o
rt io
n a
l re
in su
ra n
ce p
a id
f o
r -


( a
) G
u y
a n
a B
u si
n es
s


( b
) O
v er
se a
s B
u si
n es
s


( c)
T o
ta l
re in
su ra
n ce
p a
id
(
ii )
Q u
o ta
S h
a re
p re
m iu
m s
ce d
ed -


( a
) G
u y
a n
a B
u si
n es
s


( b
) O
v er
se a
s B
u si
n es
s


( c)
T o
ta l
p re
m iu
m s
ce d
ed

L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 183
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
(
ii i)
P ro
p o
rt io
n o
f su
m a
ss u
re d

c
ed ed
( %
) if
a p
p li
a b
le
(
iv )
C o
m m
is si
o n
s re
ce iv
ed f
o r
-


( a
) G
u y
a n
a B
u si
n es
s


( b
) O
v er
se a
s B
u si
n es
s


( c)
T o
ta l
co m
m is
si o
n
(
v )
R es
er v
es c
ed ed
-


( a
) G
u y
a n
a B
u si
n es
s


( b
) O
v er
se a
s B
u si
n es
s


( c)
T o
ta l
re se
rc v
es c
ed ed
4 . N
et p
re m
iu m
s
In st
ru ct
io n
s
1 A
n o
te s
h a
ll b
e a
p p
en d
ed t
o t
h is
f o
rm p
ro v
id in
g d
et a
il s
o f
o v
er se
a s
in fo
rm a
ti o
n b
y c
o u
n tr
y (
se e
it em
s 1
(b ),
2 (i
)( b
), 2
(i ii
)( b
), 2
(i v
)( b
), 3
(i )(
b ),
3 (i
i) (b
)3 (i
v )(
b ),
a n
d 3
(v )(
b ))


LAWS OF GUYANA
184 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
1
S u
m m
ar y
o f
C h
an g
e s
in L
o n
g -T
e rm
B u
si n
e ss
o f
(N am
e o
f C
o m
p an
y )
fo r
th e
y e
ar
(1 )
C h
an g
e s
o f
B u
si n
e ss
i n
F o
rc e
d u
ri n
g t
h e
F in
an c
ia l
Y e
ar
A m
o u
n ts
o f
A m
o u
n ts
o f
S u
m s
A ss
u re
d N
u m
b e
r o
f A
n n
u ty
p e
r N
u m
b e
r o
f A
n n
u ty
p e
r S
u m
s A
ss u
re d
V al
u e
o f
F u
n d
s
In d
iv id
u al
G ro
u p
In d
iv id
u al
G ro
u p
P o
li c
ie s
an n
u m
P o
li c
ie s
an n
u m
In d
iv id
u al
G ro
u p
In d
iv id
u al
G ro
u p
In d
iv id
u al
G ro
u p
In d
iv id
u al
G ro
u p
In f
o rc
e a
t th
e b
e g
in n
in g
o f
th e
y e
ar
A d
ju st
m e
n t
to p
re v
io u
s y
e ar
's b
al an
c e
*
A d
ju st
e d
i n
f o
rc e
a t
b e
g in
n in
g o
f th
e y
e ar
N e
w B
u si
n e
ss
N e
w t
ra n
sf e
rs o
r o
th e
r
al te
ra ti
o n
s "o
n "
B o
n u
s al
lo tt
e d
T o
ta l
"o n
"
C la
ss 3
N u
m b
e r
o f
P o
li c
ie s
F o
rm A
3
e n
d e
d (
D at
e )
(i n
r e
sp e
c t
to B
u si
n e
ss R
e g
is te
re d
i n
G u
y an
a)
C la
ss 1
e xc
l an
n u
it ie
s
N u
m b
e r
o f
P o
li c
ie s
D e
fe rr
e d
A n
n u
it ie
s A
n n
u it
ie s
in P
ay m
e n
ts C
la ss
2
N u
m b
e r
o f
P o
li c
ie s

L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 185
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
D e
at h
s
M at
u ri
ti e
s
S u
rr e
n d
e rs
F o
rf e
it u
re s
C o
n v
e rs
io n
s to
p ai
d u
p
p o
li c
ie s
L ap
se s
(i .e
P o
li c
ie s
w it
h
n o
s u
rr e
n d
e r
v al
u e
s)
N e
t tr
an sf
e rs
, e
xp ir
e e
s an
d
o th
e r
al te
ra ti
o n
s "o
ff "
T o
ta l
"o ff
"
In f
o rc
e a
t e
n d
o f
y e
ar
* F
o r
p o
li c
ie s
th at
m ay
h av
e b
e e
n a
c c
e p
te d
/r e
m o
v e
d i
n p
re v
io u
s y
e ar
b u
t n
o t
y e
t p
ro c
e ss
e d
b y
t h
e e
n d
o f
th e
y e
ar


LAWS OF GUYANA
186 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
2 N
ew B
u si
n es
s ta
k en
o n
d u
ri n
g t
h e
fi n
a n
ci al
y ea
r __
__ __
__ __
__ __
__ __
__ __
__ __
__ __
O ri
g in
G
U Y
A N
A B
U S
IN E
S S
O
V E
R S
E A
S B
U S
IN E
S S
T y
p e
o f
P o
li cy
C
la ss
1 e
xc l
an n
u it
ie s
D ef
er re
d
A n
n u
it ie
s
A n
n u
it ie
s in

P ay
m en
t
C la
ss 2
C
la ss
3
C la
ss 1
e xc
l
an n
u it
ie s
D ef
er re
d
A n
n u
it ie
s
A n
n u
it ie
s in

P ay
m en
t
C la
ss 2
C
la ss
3
1
A N
A L
Y S
IS O
F P
R E
M IU
M S
/
C O
N T
R IB
U T
IO N
S
G ro
ss p
re m
iu m
s o
r co
n tr
ib u
ti o
n s
in r
es p
ec t
o f
(a )
G u
y a
n a
b u
si n
es s
(b )
O v
er se
as
b u
si n
es s
( c
) T
o ta
l
2
A N
A L
Y S
IS O
F R
E IN
S U
R A
N C
E C
E D
E D
(i )
R ei
n su
ra n
ce p
re m
iu m
s in
r es
p ec
t o
f-
(a )
G u
y a
n a
b u
si n
es s
(b )
O v
er se
as
b u
si n
es s
( c
) T
o ta
l
(i i)
R ei
n su
ra n
ce r
ec o
v er
ie s
(i ii
) C
o m
m is
si o
n [
in cl
u d
ed i
n (
i) o
n
re in
su ra
n ce
b u
si n
es s
ce d
ed ]
In d
iv i-
d u
al
G ro
u p
In d
iv i-
d u
al
G ro
u p
In d
iv i-
d u
al
G ro
u p
In d
iv i-
d u
al
G ro
u p
In d
iv i-
d u
al
G ro
u p
In d
iv i-
d u
al
G ro
u p

























































L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 187
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
2 N
ew B
u si
n es
s ta
k en
o n
d u
ri n
g t
h e
fi n
a n
ci al
y ea
r __
__ __
__ __
__ __
__ __
__ __
__ __
__ __
O ri
g in
G
U Y
A N
A B
U S
IN E
S S
O
V E
R S
E A
S B
U S
IN E
S S
T y
p e
o f
P o
li cy
C
la ss
1 e
xc l
an n
u it
ie s
D ef
er re
d
A n
n u
it ie
s
A n
n u
it ie
s in

P ay
m en
t
C la
ss 2
C
la ss
3
C la
ss 1
e xc
l
an n
u it
ie s
D ef
er re
d
A n
n u
it ie
s
A n
n u
it ie
s in

P ay
m en
t
C la
ss 2
C
la ss
3
3 N
et N
ew B
u si
n es
s P
re m
iu m
s
4 A
N A
L Y
S IS
O F
N E
W B
U S
IN E
S S
E X
P E
N SE
S
(i )
C o
m m
is si
o n
s &
a cq
u is
it io
n r
el at
ed
e xp
en se
s
(i i)
M an
ag em
en t
ex p
en se
s re
la te
d t
o
n ew
b u
si n
es s
5 A
N A
L Y
S IS
O F
S U
M S
A S
S U
R E
D
(i )
S u
m s
A ss
u re
d
(i i)
A m
o u
n ts
o f
an n
u it
y p
er a
n n
u m
(i ii
) N
et f
u n
d v
a lu
e
6 N
u m
b er
o f
n ew
b u
si n
es s
p o
li ci
es

In d
iv i-
d u
al
G ro
u p
In d
iv i-
d u
al
G ro
u p
In d
iv i-
d u
al
G ro
u p
In d
iv i-
d u
al
G ro
u p
In d
iv i-
d u
al
G ro
u p
In d
iv i-
d u
al
G ro
u p


























































LAWS OF GUYANA
188 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
Instructions-
1 The amounts shown for group business are to include increments under existing schemes
2 The amounts shown for individual business are to include top-ups of existing plans
3 The section "Overseas business" need not be completed in respect of companies incorporated outside of Guyana
4 In the analysis of new business only commissions and expenses related to new business should be input. This includes commissions from top-ups.

L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 189
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012




F o
rm A
4
A n
al y
si s
o f
L o
n g
t er
m C
la im
s fo
r th
e y
ea r
en d
in g
( D
at e
)
G
ro ss
C la
im s
R ec
o v
er ab
le f
ro m
G u
y a
n a
b as
ed
re in
su re
r
R ec
o v
er ab
le f
ro m
o v
er se
a s
b as
ed r
ei n
su re
r
T o
ta l
N et
C la
im s
T o
ta l
N et
(p re
v io
u s
y ea
r)
C la
im s
in cu
rr ed
i n
t h
e fi
n a
n ci
a l
y ea
r G
u y
a n
a
P o
li ci
es
O v
er se
a s
P o
li ci
es
G u
y a
n a
P o
li ci
es
O v
er se
a s
P o
li ci
es
G u
y a
n a
P o
li ci
es
O v
er se
a s
P o
li ci
es
C la
ss 1
L
if e
as su
ra n
ce a
n d
an n
u it
y c
o n
tr ac
ts
1 O
n d
ea th
2 B
y w
ay o
f lu
m p
s u
m o
n
m at
u ri
ty
3 B
y w
ay o
f an
n u
it y
p ay
m en
ts
4 B
y w
ay o
f p
ay m
en ts
a ri
si n
g
fr o
m o
th er
i n
su re
d e
v en
ts
5 O
n s
u rr
en d
er o
r p
ar ti
al
su rr
en d
er
6 T
o ta
l li
fe a
ss u
ra n
ce a
n d
a n
n u
it y

cl ai
m s









C la
ss 2
–
P er
m a
n en
t
h ea
lt h
c o
n tr
ac ts
7 B
y w
ay o
f lu
m p
s u
m s
8 B
y w
ay o
f p
er io
d ic
a l
p ay
m en
ts
9 T
o ta
l p
er m
an en
t h
ea lt
h c
la im
s










LAWS OF GUYANA
190 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
C la
ss 3
– F
u n
d m
an ag
em en
t 10
O
n d
ea th
11 B
y w
ay o
f lu
m p
s u
m s
o n
v es
ti n
g
12 B
y w
ay o
f v
es te
d a
n n
u it
y p
ay m
en ts
13 O
n s
u rr
en d
er o
r p
ar ti
al s
u rr
en d
er
14 T
o ta
l fu
n d
m a
n ag
em en
t c
la im
s








P ro
v is
io n
s /O
th er
c la
im s
15
B y
w ay
o f
lu m
p s
u m
s
16
B y
w ay
o f
p er
io d
ic a
l p
ay m
en ts
17
T o
ta l
o th
er c
la im
s








T o
ta l
cl ai
m s








In st
ru ct
io n
s-
1. E
xp la
n at
io n
o n
t h
e am
o u
n ts
e n
te re
d u
n d
er p
ro v
is io
n s
sh o
u ld
b e
p ro
v id
ed .

L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 191
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012

F o
rm B
1












G
en er
al B
u si
n es
s In
su ra
n ce
R ev
en u
e A
cc o
u n
t o
f (
N am
e o
f C
o m
p an
y )
fo r
th e
Y ea
r E
n d
in g
( D
at e)


in r
es p
ec t
o f
(c la
ss o
f b
u si
n es
s) w
ri tt
en i
n [
G u
y an
a ]
/[ N
am e
o f
C o
u n
tr y
]



I
E n
te r
n am
e o
f

su b
-c la
ss
i i
E n
te r
n am
e o
f
su b
-c la
ss
i ii
E n
te r
n am
e o
f
su b
-c la
ss
i v
E n
te r
n am
e o
f
su b
-c la
ss
v
E n
te r
n am
e o
f
su b
-c la
ss
v
i E
n te
r
n am
e o
f
su b
-c la
ss
v ii
E n
te r
n am
e o
f
su b
-c la
ss
v
ii i
E n
te r
n am
e o
f
su b
-c la
ss
ix T
re at
y r
ei n
su ra
n ce
n o
t d
ea lt
w it
h i
n
co lu
m n
s i
to v
ii i
xi T
o ta
l
B u
si n
es s
xi i
T o
ta l
B u
si n
es s
in
p re
v io
u s
y ea
r
$
$ $
$ $
$ $
$ $
$ $
IN C
O M
E






1 U
n ea
rn ed
p re
m iu
m s
b ro
u g
h t
fo rw
ar d






2 U
n ex
p ir
ed r
is k
b ro
u g
h t
fo rw
ar d






3. C
la im
s b
ro u
g h
t fo
rw ar
d






4 C
at as
tr o
p h
ic
re se
rv e
b ro
u g
h t
fo rw
ar d






5 O
th er
f u
n d
s( e.
g . c
la im
s, e
q u
a li
za ti
o n
,
ex p
en se
o v
er ru
n ,
et c)
b ro
u g
h t
fo rw
ar d
( to
b e
sp ec
if ie
d )






6 T
o ta
l In
su ra
n ce
F u
n d
s b
ro u
g h
t fo
rw ar
d






7 P
re m
iu m
s (n
et o
f re
fu n
d s,
r eb
at es
a n
d
p re
m iu
m s
fo r
re in
su ra
n ce
c ed
ed )







LAWS OF GUYANA
192 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
8
C o
m m
is si
o n
e .g
. fr
o m
r ei
n su
ra n
ce
ar ra
n g
em en
ts






9 (i
) In
te re
st &
D iv
id en
d s






9 (i
i) R
en ts






9 (i
ii )R
ea li
se d
C ap
it al
G ai
n s
/( lo
ss es
) in
cl u
d in
g
an y
g ai
n s/
lo ss
es )
o n
c u
rr en
cy e
xc h
a n
g e






9 (i
v )
U n
re al
is ed
C ap
it al
G ai
n s/
( L
o ss
es )






9 (v
) le
ss R
at es
a n
d T
ax es
t h
er eo
n






10 O
th er
I n
co m
e (p
ar ti
cu la
rs t
o b
e sp
ec if
ie d
)





11 T
ra n
sf er
f ro
m P
ro fi
t an
d
L o
ss A
cc o
u n
t





12 T
o ta
l











S ig
n ed
b y
-





[N am
e o
f D
ir ec
to r]

[N am
e o
f C
o m
p an
y
S ec
re ta
ry ]

D at
e o
f B
o ar
d
A p
p ro
v a
l







D at
e-











F o
r In
d ep
en d
en t
A u
fd it
o rs





[N am
e o
f In
d ep
en d
en t
A u
d it
o rs
]









D
at e-






L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 193
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012

I E n
te r
n am
e o
f
su b
c la
ss
II E
n te
r
n am
e o
f
su b
cl as
s
II I E
n te
r
n am
e o
f
su b
c la
ss
IV E
n te
r
n am
e o
f
su b
c la
ss
V E
n te
r
n am
e o
f
su b
c la
ss
V I E
n te
r
n am
e o
f
su b
c la
ss
V II
E n
te r
n am
e o
f
su b
c la
ss
V II
I E n
te r
n am
e o
f
su b
c la
ss
IX T
re at
y re
in su
ra n
ce
n o
t d
e al
t w
it h
in
co lu
m n
s I t
o V
II I
X II
T o
ta l
B u
si n
e ss
X II
I T o
ta l
B u
si n
e ss
in
p re
vi o
u s
ye ar
EX P
EN D
IT U
R E
$ $
$ $
$ $
$ $
$ $
$
1
3 C
la im
s in
cl u
d in
g le
ga l a
n d
m e
d ic
al e
xp e
n se
s
(n e
t o
f sa
lv ag
e , r
e in
u ra
n ce
a n
d o
th e
r re
co ve
ri e
s)

(a
) G
ro ss
c la
im s
P ai
d

(b
) L
o ss
r e
co ve
ri e
s fr
o m
r e
in su
re rs

( c
) N
e t
cl ai
m s
p ai
d
1
4 C
o m
m is
si o
n s
1
5 E
xp e
n se
s o
f M
an ag
e m
e n
t
1
6 O
th e
r Ex
p e
n d
it u
re (
P ar
ti cu
la rs
t o
b e
s p
e ci
fi e
d )
1
7 U
n e
ar n
e d
p re
m iu
m s
ca rr
ie d
f o
rw ar
d
1
8 U
n e
xp ir
e d
r is
ks c
ar ri
e d
f o
rw ar
d
1
9 C
la im
s o
u ts
ta n
d in
g ca
rr ie
d f
o rw
ar d
2
0 C
at as
tr o
p h
e r
e se
rv e
s c
ar ri
e d
f o
rw ar
d
Fo rm
B I c
o n
ti n
u e
d
G e
n e
ra l B
u si
n e
ss In
su ra
n ce
F u
n d
R e
ve n
u e
A cc
o u
n t
o f
(N am
e o
f C
o m
p an
y) f
o r
th e
Y e
ar E
n d
in g
(D at
e )
in r
e sp
e ct
o f
(c la
ss o
f b
u si
n e
ss )
LAWS OF GUYANA
194 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
2
1 O
th e
r fu
n d
s ca
rr ie
d f
o rw
ar d
( p
ar ti
cu la
rs t
o b
e
sp e
ci fi
e d
)
2
2 T
o ta
l I n
su ra
n ce
F u
n d
c ar
ri e
d f
o rw
ar d
2
3 T
ra n
sf e
r to
P ro
fi t
an d
L o
ss A
cc o
u n
t
2
4 T
o ta
l
Th e
se f
o rm
s re
co n
ci le
w it
h o
th e
r p
u b
li sh
e d
f in
an ci
al
st at
e m
e n
ts in
p ar
ti cu
la r
th o
se p
ro d
u ce
d f
o r
co m
p li
an ce
w it
h t
h e
C o
m p
an ie
s A
ct 1
99 1
(A ct
N o
2 9
o f
19 91
), a
n d
a n
y
re su
lt s
th at
w o
u ld
h av
e b
e e
n o
b ta
in e
d u
n d
e r
In te
rn at
io n
al
Fi n
an ci
al R
e p
o rt
in g
St an
d ar
d s.
A n
y d
if fe
re n
ce s
ar e
e xp
la in
e d
in t
h e
a tt
ac h
e d
a p
p e
n d
ic e
s.
S ig
n e
d b
y:




















































D at
e
( d
d /m
m /y
yy y)

D at
e o
f B
o ar
d A
p p
ro va
l

Fo r
In d
e p
e n
d e
n t
A u
d it
o rs

D at
e
N am
e o
f D
ir e
ct o
r
N am
e o
f In
d e
p e
n d
e n
t A
u d
it o
rs
N am
e o
f C
o m
p an
y Se
cr e
ta ry

L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 195
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
Instructions
1. Companies incorporated in Guyana must
complete separate Forms in respect of business
outside of Guyana.
2. Companies incorporated outside of Guyana
need not complete a separate Form in respect of
business outside Guyana provided they deposit a
certified copy of their returns deposited with the
Supervising Authority in the country in which their
Head Office is situated.
3. Facultative reinsurance business accepted is to
be included in whichever is appropriate of columns
i to viii.
4. If any amount shown in any column against
items 1, 2, 3, 4 or 5 does not agree with the
corresponding amount carried forward from the
previous year's accounts, a statement is to be given
of the reasons for the difference.
5. The basis on which the amounts shown against
items 1 and 17 respectively have been calculated is
to be stated in a note on or statement annexed to the
account, and, if this be less accurate than the twenty
fourths method, the reason for its adoption is to be
stated.
LAWS OF GUYANA
196 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
6. Any difference between the results disclosed in these
Forms and the company's annual Financial Statements
required under the Companies Act, Cap, 89:01 or other
published financial statements or the results that would
have been obtained under International Financial
Reporting Standards should be disclosed in an appendix to
these Forms. Explanations and if possible a reconciliation
of the differences should also be provided in the appendix.
A note produced by the auditor covering this should also
be attached.
L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 197
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
I E
n te
r
n am
e o
f su
b
c la
ss
II E
n te
r
n am
e o
f
su b
c la
ss
II I
E n
te r
n am
e o
f su
b
c la
ss
IV E
n te
r
n am
e o
f su
b
c la
ss
V E
n te
r
n am
e o
f su
b
c la
ss
V I
E n
te r
n am
e o
f su
b
c la
ss
V II
E n
te r
n am
e o
f su
b
c la
ss
V II
I E
n te
r
n am
e o
f su
b
c la
ss
IX T
re at
y
re in
su ra
n c
e
n o
t d
e al
t
w it
h i
n
c o
lu m
n s
1
to V
II I
X T
o ta
l
X I
T o
ta l
i n
p re
v io
u s
y e
ar
I A
N A
L Y
S IS
O F
P R
E M
IU M
S R
E C
E IV
E D
(I )
G ro
ss p
re m
iu m
s re
c e
iv e
d

( a)
L
o c
al d
ir e
c t
an d
f ac
u lt
at iv
e t
re at
y
b u
si n
e ss

( b
) L
o c
al r
e in
su ra
n c
e B
u si
n e
ss

( c
)
L o
c al
d ir
e c
t n
o n
t re
at y
b u
si n
e ss

( d
) O
v e
rs e
as d
ir e
c t
an d
F ac
u lt
at iv
e B
u si
n e
ss

( e
) O
v e
rs e
as r
e in
su ra
n c
e b
u si
n e
ss

( f)
O
v e
rs e
as d
ir e
c t
n o
n t
re at
y b
u si
n e
ss

( g
)
T re
at y
r e
in su
ra n
c e
b u
si n
e ss
i n
w h
ic h



lo
c al
a n
d r
e in
su ra
n c
e b
u si
n e
ss c
an n
o t



b e
d is
ti n
g u
is h
e d
.
P ro
v id
e d
e ta
il s.

(h
) T
o ta
l
(I I)
N u
m b
e r
o f
p o
li c
ie s
(I II
) N
e t
p re
m iu
m s
re c
e iv
e d
( n
e t
o f
re fu
n d
s,
re b
at e
s an
d p
re m
iu m
s fo
r re
in su
ra n
c e
c e
d e
d ).

( a)
I n
r e
sp e
c t
o f
G u
y an
a d
ir e
c t
b u
si n
e ss


a
n d
f ac
u lt
at iv
e r
e in
su ra
n c
e b
u si
n e
ss
a
c c
e p
te d
b y
m o
n th
s in
r e
sp e
c t
o f
c o
n tr
ac ts


c
o m
m e
n c
in g
i n
:
F o
rm B
2 (
L o
c al
C o
m p
an ie
s o
n ly
)
P re
m iu
m
A n
al y
si s
G
e n
e ra
l B
u si
n e
ss o
f th
e (
N am
e o
f th
e C
o m
p an
y )
fo r
th e
Y e
ar E
n d
in g
( D
at e
)
fo r
(C la
ss o
f B
u si
n e
ss )


LAWS OF GUYANA
198 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations






l st

M o
n th






2 n
d M
o n
th






3 rd
M o
n th






4 th
M o
n th






5
th M
o n
th






6
th M
o n
th






7
th M
o n
th






8
th M
o n
th






9
th M
o n
th






l0
th M
o n
th






ll
th M
o n
th






1
2 th
M o
n th






T
o ta
l

(b
) F
o r
tr e
at y
r e
in su
ra n
c e
a c
c e
p te
d i
n






F
ir st
q u
ar te
r






S
e c
o n
d q
u ar
te r






T
h ir
d q
u ar
te r






F
o rt
h
q u
ar te
r






T
o ta
l

L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 199
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
2 .
A N
A L
Y S
IS O
F R
E IN
S P
R E
M IU
M S
C E
D E
D
(
I)
O v
e rs
e as
r e
in su
ra n
c e
p re
m iu
m s
p ai
d


u n
d e
r tr
e at
y a
rr an
g e
m e
n ts
i n
r e
sp e
c t
o f



(a
) G
u y
an a
b u
si n
e ss



(b
) O
v e
rs e
as b
u si
n e
ss



(c
)
T re
at y
R e
in su
ra n
c e
i n
w h
ic h
l o
c al





an
d o
v e
rs e
as c
o m
p o
n e
n ts
c an
n o
t





b
e d
is ti
n g
u is
h e
d



( d
)
T o
ta l
(I
I) O
v e
rs e
as R
e in
su ra
n c
e p
re m
iu m
s p
ai d
u n
d e
r n
o n
t re
at y
a rr
an g
e m
e n
ts i
n r
e sp
e c
t o
f



( a)
G
u y
an a
b u
si n
e ss



( b
) O
v e
rs e
as b
u si
n e
ss



( c
) T
re at
y r
e in
su ra
n c
e i
n w
h ic
h l
o c
al

an
d o
v e
rs e
as c
o m
p o
n e
n ts
c an
n o
t b
e





d is
ti n
g u
is h
e d
.



( d
) T
o ta
l
(
II I)
R e
in su
ra n
c e
p re
m iu
m s
c e
d e
d t
o



G
u y
an a
in c
o rp
o ra
te d
c o
m p
an ie
s



(a )
G u
y an
a b
u si
n e
ss



(b )
O
v e
rs e
as b
u si
n e
ss



(c )
T re
at y
r e
in su
ra n
c e
i n
w h
ic h
l o
c al
a n
d





o v
e rs
e as
c o
m p
o n
e n
ts c
an n
o t
b e




d
is ti
n g
u is
h e
d .



(d )
T o
ta l

LAWS OF GUYANA
200 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
(I V
) O
th e
r re
in su
ra n
c e
p re
m iu
m s
c e
d e
d


( e
.g .
u n
d e
r a
q u
o ta
s h
ar e
t re
at y
w it
h a
n


o v
e rs
e as
i n
su re
r)



(a )
G u
y an
a b
u si
n e
ss


(
b )
O
v e
rs e
as b
u si
n e
ss
( c
) T
re at
y r
e in
su ra
n c
e i
n w
h ic
h l
o c
al a
n d
o v
e rs
e as
c o
m p
o n
e n
ts c
an n
o t
b e
d is
ti n
g u
is h
e d
.


(
d )
T
o ta
l
(V )

T o
ta l
p re
m iu
m s
c e
d e
d
(V I)
R
e in
su ra
n c
e R
e c
o v
e ri
e s
(
a)
Q u
o ta
s h
ar e
T re
at ie
s
(
b )
O th
e r
tr e
at ie
s
(
c )
f ro
m n
o n
t re
at y
a rr
an g
e m
e n
ts
(d )
T
o ta
l
(V II
) T
o ta
l c
o m
m is
si o
n o
n R
e in
su ra
n c
e b
u si
n e
ss
c e
d e
d
In st
ru c
ti o
n s:
1 .
A m
o u
n ts
a re
t o
b e
s h
o w
n i
n c
o lu
m n
I V
o n
ly i
n r
e sp
e c
t o
f b
u si
n e
ss a
c c
e p
te d
o r
c e
d e
d i
n t
h e
c o
m p
an y
u
n d
e r
tr e
at ie
s o
f re
in su
ra n
c e
c o
v e
ri n
g m
o re
t h
an o
n e
c la
ss o
f in
su ra
n c
e b
u si
n e
ss i
n
re sp
e c
t o
f w
h ic
h i
t is
n o
t p
ra c
ti c
ab le
t o
d is
ti n
g u
is h
i n
d iv
id u
al c
la ss
e s
o f
b u
si n
e ss
.A m
o u
n ts
i n
r e
sp e
c t
o f
al l
o th
e r
re in
su ra
n c
e
b u
si n
e ss
a c
c e
p te
d o
r c
e d
e d
a re
t o
b e
i n
c lu
d e
d i
n w
h ic
h e
v e
r i
s
ap p
ro p
ri at
e o
f c
o lu
m n
s I
to V
II I.

L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 201
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
Form B3
Statement of Estimated Liability in respect of
outstanding Claims
Part I – Claims arising during the year of Accounting
ending (Year) per Class of Business
(a) Claims arising and settled during the year of account
ending (Year) per class of business
[Name of Class]
Class of Claims
No. of
Claims
Amount Paid
$
1. Property damage
2. Third-party Death and Personal
Injury claims
3. Other claims (to be specified)

(b) Claims arising during and outstanding at the end of the
year of account per class of business
Part II – Outstanding claims which arose prior to year of
account per Class of Business
(1) (2) (3) (4) (5)
[Class of Business]
Class of Claims
Estimated
Liability at
beginning
of year
Claims paid
during the
year
Estimated
Liability re-
claims still
outstanding
Totals of (3)
& (4)
No. Amt. No. Amt. No. Am.t No. Amt.
1. Property
damage
2. Third-party
Death and
Personal Injury
3. Other (to be
specified)


LAWS OF GUYANA
202 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
Part III – Summary of estimated liability in respect of
outstanding claims as at end of year per class
Claims outstanding in respect of year of account for Class [enter
number] $
Claims outstanding in respect of prior years for Class [enter
number]
$
Total $

Total estimated Liability in respect of outstanding claims for
Class [enter number] $
Instructions-
Separate forms (for all parts of this form) must be
completed by companies for each class of business sold.
For local companies separate forms must be completed for
Guyana and overseas business. Foreign companies are
required to complete for Guyana business only.
In respect of Auto Insurance business, and any other class the
Commissioner may require, the information submitted must
be split by property damage and liability for parts I to III and
detailed as follows-
(a) For Auto, subclass 2, split into property damage in respect
of each of the following categories:
(i) Private Cars (full comprehensive)
(ii) Private Cars (Third-Party)
(iii) Minibuses (Third-Party)
(iv) Hire Cars (Third-Party)
(v) Others (Split between full comprehensive and Third-
L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 203
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
Party)
Part IV – Run-off triangles for Guyana claims
Please complete for each subclass of general insurance
business written in Guyana only.
Data entered should be amounts of claims paid according to
timing of payment referenced by the year the accident/event
occurred (not reported). No allowance for outstanding claims
should be included – just claims PAID. Include more rows
and columns if necessary.
Amounts shown should be gross of reinsurance recoveries
and include associated paid claim expenses.
The following shows the areas that need to be completed for
each table, including how to fill calendar years:
[Subclass] Settlement Delay in years (Development Year)
0 1 2 3 4
Year of
Accident
(Origin
Year)
[year]
Enter data in here
[year +1]
[year +2]
[year +3]
[year +4]
[year +5]
[year +6]
[year +7]
[year + 8]
[year +9]
Example
Class 4 – Fire and
Natural Forces
Settlement Delay in years (Development Year)
0 1 2 3
Year of
Accident
(Origin
Year)
2000 c[00,0] c[00,1] c[00,2] c[00,3]
2001 c[01,0] c[01,1] c[01,2]
2002 c[02,0] c[02,1]
2003 c[03,0]




LAWS OF GUYANA
204 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
c[00,0] is the claim amount and associated expenses in G$
paid in 2000 for accidents occurring in 2000.
c[02,1] is the claim amount and associated expenses in G$
paid in 2003 for accidents occurring in 2002.
c[00,0] + c[00,1 + c[00,2] + c[00,3] is the total claims (plus
expenses) paid from accidents in 2000.
c[03,0] + c[02,1 ]+c[01,2] + c[00,3] is the total claims (plus
expenses) payment made in 2003 (as per form A1 in 2003)
For the following sub-classes;
(a) Subclass 2 – Auto
(b) Subclass 4 – Fire
please complete separate Forms of Part IV for
(i) property damage and loss
(ii) liability (injury, etc)
[Subclass] Settlement Delay in years (Development Year)
0 1 2 3 4
Year of
Accident
(Origin
Year)
[year]





[Subclass] Settlement Delay in years (Development Year)
0 1 2 3 4
Year of
Accident
(Origin
Year)
[year]





L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 205
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
[Subclass] Settlement Delay in years (Development Year)
0 1 2 3 4
Year of
Accident
(Origin
Year)
[year]





[Subclass] Settlement Delay in years (Development Year)
0 1 2 3 4
Year of
Accident
(Origin
Year)
[year]






LAWS OF GUYANA
206 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
Form C1
Profit and Loss Account of the (Name of Company) for Year
ending (Date)
Particulars
Business
in Guyana
Business
outside of
Guyana Total
Total
Previous
Year
INCOME
1.Balance as per Form D1 of
last year’s account b/f

2. Interest and dividends not
carried to other accounts (less
rates, taxes thereon)
3. Long term profit realised
(A1 forms to be specified)
4. General insurance profit
realised (B1 forms to be
specified)
5. Net Income (Loss) from
Subsidiaries*
6. Net Income (Loss) from
other businesses*
7. Other receipts (Details to be
specified)
8. Total

EXPENDITURE
9. Taxation
10. Dividends and bonuses to
shareholders
11. Expenses not charged to
other accounts
12. Long term insurance loss
sustained
13.General insurance loss
sustained
14. Other payments (Details to
be specified)
15. Balance as per Form D1 c/f
16. Total
L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 207
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
*Separate profit and loss accounts shall be provided for any
non-insurance business and appended to this form. See Form
F1
These Forms reconcile with other published financial
statements, in particular those produced for compliance with
the Companies Act, Cap. 89:01, and any results that would
have been obtained under International Financial Reporting
Standards. Any differences are explained in the attached
appendices.
Signed by-
[Name of Director] [Name of
Company
Secretary]

Date (dd/mm/yyy)-

Date of Board Approval-

For Independent
Auditors-

[Name of Independent
Auditors]
Date-
Instructions-
1. There shall be shown where relevant-
(a) in the case of a company which at any
time in the financial year carried on
general insurance business, the
amounts respectively transferred to
and transferred from the general
insurance business revenue account of
the company for the financial year;
(b) in the case of the company which at
any time in the financial year carried
LAWS OF GUYANA
208 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
on long term insurance business, the
amounts respectively transferred to
and transferred from the long term
insurance business revenue account of
the company for the financial year.
(c) the amount of interest on loans of the
following kinds made to the company
(whether secured or not), namely
bank loans, overdrafts and loans
which,
(i) are repayable otherwise
than by instalments and
fall due for repayment
before the expiration of
the period of five years
beginning with the day
following the expiration
of the financial year; or
(ii) are repayable by
instalments the last of
which falls due for
payment before the
expiration of that period;
and the amount of the interest on loans of other kinds so
made.
(d) the amounts respectively provided for
redemption of share capital and for
redemption of loans;
(e) the amount of expenses of
management not shown in the
revenue account;
L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 209
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
(f) the amount of taxation not shown in
the revenue account;
(g) the amount of other expenditure not
shown in the revenue account
classified under appropriate
headings;
(h) the aggregate amount of interest,
dividends and rents (before tax
deduction) not shown in the revenue
account;
(i) the amount of other income not
shown in the revenue account
classified under appropriate
headings;
(j) the aggregate amount (before tax
deduction) of the dividends paid and
proposed.
2. The amount of any charge arising in consequence of
the occurrence of an event in the preceding financial year and
of any credit so arising shall, if not included in a heading
relating to similar matters, be stated under a separate
heading,
3. The following shall be stated by way of note, if not
otherwise shown-
Any material respects in which any items shown in the
profit and loss account are affected-
(a) by related party transactions; or
(b) by transactions of a sort not usually
LAWS OF GUYANA
210 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
undertaken by the company or
otherwise by circumstances of an
exceptional or non-recurrent nature;
or
(c) by any change in the basis of
accounting.
4. Any difference between the results disclosed in
these forms and the company's annual financial statements
required under the Companies Act 1991 (Act No. 29 of 1991)
or other published financial statements or the results that
would have been obtained under International Financial
Reporting Standards should be disclosed in an appendix to
these forms. Explanations and if possible a reconciliation of
the differences should also be provided as part of this
Appendix.
L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 211
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
Form D1
Balance Sheet of (Name of Company) as at (DATE)
Liabilities
Total
Previous
year’s Total
Share Capital & Equity-
Authorised-[ ] shares of [$ ]
each
$ $
Issued and fully paid-
[ ] shares of $ each
Share Premium account
Retained earnings

Total Capital and Reserves
Insurance liabilities Class
1
Class 2 Class 3
Total
Previous
year’s Total
$ $ $ $ $
Long Term Insurance
Total Long Term Actuarial
Liabilities (D4)
Undistributed Surplus and/or
unrecognised actuarial
liabilities in Fund
(policyholder & shareholder
equity)
Other Insurance Policy &
Contract Liabilities (to be
specified)


Claims admitted or intimated
but not paid (to be specified)
Premiums paid in advance
Outstanding commissions
Dividends and profits
analysis
Amount due to reinsurers
Taxes payable
Other Accounts payable
Other liabilities (to be
specified)

Total Segregated Long term
insurance liabilities (D4)

Class
1
Class 2 Class 3 Class
4 Total
Previous
year’s Total
$ $
General insurance liabilities
General Insurance Funds-
Outstanding Claims Reserves
Incurred But Not Reported
Claim Reserves
Additional Unexpired Risk
Reserves
Contingency Reserves (to be
specified)
Undistributed Surplus

Other funds (to be specified)

General Insurance current
Liabilities-
Claims admitted or intimated
but not paid (to be specified)

LAWS OF GUYANA
212 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
Premiums paid in advance
Outstanding Commissions
Amount due to reinsurers
Other liabilities (to be
specified)
Total Segregated General
insurance liabilities (to be
specified) D4

Total Insurance Liabilities
Non specific liabilities
Total
Previous
Year’s Total
$ $
Trust and other deposits (to
be specified)
Bank loans and overdrafts (to
be specified)
Taxes payable
Other Account payable (to be
specified)
Other liabilities (to be
specified)

Total
Total liabilities
Assets
Class 1 Class 2 Class3 Class 4
Total
Previo
us
year’s
Total
Assets in Long Term
Statutory Funds
$ $
1. Real Estate
2. Mortgage loans
3. Bonds and Debentures
4. Preferred and Common
Shares
5. Cash
6. Short term investments
7. Accrued Investment
Income
8. Other loans (to be
specified)
9. Other Admitted Assets (to
be specified)

Total Statutory Segregated
Assets (D2)


Statutory Long Term
Deposits (D2)

Assets in General Insurance
Statutory Funds
1. Real Estate
2. Mortgage loans
3. Bonds and Debentures
4. Preferred and Common
Shares
5. Cash
6. Short term investments
7. Accrued Investment
income
$ $
L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 213
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
8. Other loans (to be
specified)
9. Other Admitted Assets (to
be specified)
Total statutory Segregated
Assets (D2)



Statutory General Insurance
Deposits (D2)


Non-admitted assets (D3)

Total Assets
These Forms reconcile with other published financial statements,
m particular those produced for compliance with the Companies
Act, Cap. 89:01 and any results that would have been obtained
under International Financial Reporting Standards. Any
differences are explained in the attached appendices.
Signed by-
[Name of Director] [Name of Company
Secretary]
Date (dd/mm/yyy)-

Date of Board Approval-

For Independent Auditors- Dated
[Name of Independent
Auditors]

Instructions-
1. Related party assets or liabilities are to be shown in a
separate note.
2. If not otherwise shown, notes shall be provided on any
material asset or liability, the value of which is subjective, highly
volatile or uncertain e.g. possible liabilities from on-going court
hearings.
3. Please complete the relevant columns & classes of
business and delete the other columns.

LAWS OF GUYANA
214 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
4. Any difference between the results disclosed in these
Forms and the company’s annual financial statements required
under the Companies Act, Cap 89:01 or other published financial
statements or the results that would have been obtained under
the International Financial Reporting Standards should be
disclosed in an appendix to these forms. Explanations and if
possible a reconciliation of the differences should also be
provided in the appendix. A note produced by the auditor
covering this aspect should also be attached or the appendix
should be signed off by the Auditor.
Additional instructions and provisions for Form D1
1. Where the amount of any liabilities shown in the
balance sheet or in any statement or report annexed thereto
includes an amount of indebtedness of the company (whether on
account of a loan or otherwise) to any dependent company, in
showing the amount of these liabilities such part of that amount
as represents indebtedness to dependent companies shall be
separately distinguished.
2. The aggregate amount (before deduction of tax) which
is recommended for distribution by way of dividend shall be
shown.
3. The matters referred to in the following subparagraph
shall be stated by way of note, or in a statement or report
annexed, if not otherwise shown.
(a) Where practicable the aggregate
amount or estimated amount, if it is
material, of contracts for capital
expenditure, so far not provided for
and where practicable, the aggregate
amount or estimated amount if it is
material, of contracts for capital
expenditure authorized by directors
L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 215
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
which has not been contracted for.
4. For liabilities, there shall be shown under separate
headings, if not already shown-
(a) the amount payable to policyholders,
brokers and agents including any
amount payable in connection with
reinsurance accepted by the company
but excluding any amount payable in
connection with claims under
insurance contracts;
(b) the amount payable to the company's
reinsurers identifying any part of the
amount of reinsurance premiums
payable which has been retained by
the company as security for future
claims against the company's
reinsurers;
(c) the amount payable to persons
carrying on insurance business (other
than amounts payable in connection
with reinsurance accepted and ceded);
(d) the amount of bank loans and
overdrafts;
(e) the amount payable to other creditors
classified under appropriate
headings;
(f) other amounts set aside classified
under appropriate headings.
5. For assets, there shall be shown under separate
LAWS OF GUYANA
216 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
headings, if not already shown-
(a) the amount receivable from
policyholders, brokers and agents
including any amount receivable in
connection with reinsurance accepted
by the company, identifying any part
of the amount receivable by way of
reinsurance premiums which has
been retained by persons reinsured as
a security for future claims against the
company;
(b) the amount receivable from the
company's reinsurers identifying
reinsurance commission and
reinsurance claim recoveries
separately
(c) the amount receivable from persons
carrying on insurance business (other
than amounts receivable in
connection with reinsurance accepted
and ceded);
(d) the amount receivable from other
debtors classified under appropriate '
headings;
(e) cash on current account at bankers
and in hand;
(f) other amounts of assets not included
classified under appropriate
headings.
L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 217
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
6. The matters referred to in the following
subparagraphs shall be stated by way of note, or in a
statement or report annexed, if not otherwise shown.
(a) Particulars of any charge on the assets
of the company to secure the liabilities
of any one person (other than
liabilities arising under a contract of
insurance), including the amount
secured.
(b) The general nature of any other
contingent liabilities not provided for
(other than one arising under a
contract of insurance) and the
aggregate amount or estimated
amount of those liabilities, if it is
material.
7. Any difference between the results disclosed in
these forms and the company’s annual financial statements
required under the Companies Act, Cap. 89:01 or other
published financial statements or the results that would have
been obtained under the International Financial Reporting
Standards should be disclosed in an appendix to these forms.
Explanations and if possible a reconciliation of the differences
should also be provided as part of this Appendix.
8. Notes for all off balance sheet items should be
attached to this form.
9. For companies that are a part of a Group, a
consolidated balance sheet of the Group shall also accompany
this form.

LAWS OF GUYANA
218 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
Form D2
Statement of Value of Statutory Fund and Deposit Assets at
(Balance Sheet Date) for Long-term business/General Insurance
business
(i) Statutory Fund Assets
Class 1 Class 2 Class 3 Class 4
Total
Previous
year’s
Total
$ $ $ $ $ $
1. Fixed Assets in Guyana-
1.1 Immovable Assets such as
land and buildings
a) Guaranteed lease terms by
GoG or Government Agency
subject to conditions of s. 3
(a)(i)
b) Established revenue
subject to the conditions of
s.3(a)(ii)
c) Insurer’s use subject to the
conditions of s.3(b)
1.2 Leaseholds
a) Guaranteed lease terms by
GoG or Government agency
subject to conditions of
s.3(a)(i)
b) Established revenue
subject to the conditions of
s.3(a)(ii)


2. Loans in Guyana-
2.1 Mortgages
a) Secured by value of
property or unleashed (limit
of 75%)
b) Secured by value of
property or unleashed (other
- specify)
c) Secured by value of
property or unleashed where
any excess guaranteed by
GoG or Government Agency
(specify)
d) Secured by rents, etc.,
subject to conditions s.2(c)
2.2 Other titles of repayment
(specify)
a) Secured by value of
property or leasehold (limit
of 75%)
b) Secured by value of
property or unleashed (other
- specify)
c) Secured by value of
property or unleashed where
any excess guaranteed by
GoG or Government Agency
(specify)
d) Secured by rents, etc.,

L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 219
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
subject to conditions s.2(c)

3. Government Bonds and
Debentures-
(a) Guyana
(i) Treasury Bills
(ii) Other
(b) Commonwealth /Rol
(specify)
(c) Country of Head Office (if
applicable)
(d) Approved other (specify)


4. Ordinary shares of
companies incorporated in
(a) Guyana
(b) Commonwealth /Rol
(specify)
(c) Country of Head Office (if
applicable)
(d) Approved other (specify)
subject to conditions in s. 1(f)
(specify)


5. Preference shares of
companies incorporated in
(a) Guyana
(b) Commonwealth /Rol
(specify)
(c) Country of Head Office (if
applicable)
(d) Approved other (specify)
subject to conditions in s. 1(f)
(specify)


6. Securities guaranteed by
approved international
financial institutions (specify
type and entity in each case)

Signed by-
[Name of Director] [Name of Company
Secretary]
Date of Board of Approval-
(i) Statutory Funds asset
continued
Class 1 Class 2 Class 3 Class 4
Total
Previ
ous
year’s
Total
$ $ $ $ $ $
7. Other securities (specify)
guaranteed by Governments-
(a) Guyana
(b) Commonwealth /Rol
(specify)
(c) Country of Head Office (if
applicable)
(d) Approved other (specify)


8. Bonds and debentures of
LAWS OF GUYANA
220 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
companies incorporated in-
(a) Guyana – fully secured
(b) Guyana – subject to
conditions.
(c) Commonwealth/Rol
(specify)
(d) Country of Head Office (if
applicable)
(e) Approved other (specify)
All above subject to
conditions in s. 1(f) except (a)
(specify)


9. Securities in approved local
companies (specify type of
security and details of entry)


10. Guaranteed investment
trust certificates. Trusts in
(b) ) Commonwealth /Rol
(specify)
(c) Country of Head Office (if
applicable)
(d) Approved other (specify)


11. Cash deposits
(a) Guyana bank (specify)
(b) Licensed Guyana financial
institution under FIA
(specify)
(c) Approved building
Society (specify)


Total Admitted Statutory
Funds Assets


(ii) Statutory Deposit Assets
12. Cash and cash deposits
13. Approved securities
(specify)


Total Statutory Deposit

Total Admitted Statutory
Assets as per Form D5

Delete as applicable. A separate Form must be completed each
for long-term and general insurance business.
Signed by-
[Name of Director] [Name of Company
Secretary]
Date of Board Approval-

For Independent Auditors-
[Name of Independent Auditors]

Date-
L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 221
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
Instructions-
Any difference between the results disclosed in these forms
and the company’s annual financial statements required
under the Companies Act, Cap. 89:01 or other published
financial statements or the results that would have been
obtained under International Financial Reporting Standards
should be disclosed in an appendix to these Forms.
Explanations and if possible a reconciliation of the differences
should also be provided in the appendix. A note produced by
the auditor covering this should also be attached or the
appendix should be signed off by the auditor.

LAWS OF GUYANA
222 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
Form D3
Statement of value of Non-Admitted Assets at (Balance
Sheet Date)
Assets not admitted as statutory assets Insurance
Business
written
overseas
Other
Assets
Total Previous
year’s Total
1. Fixed Assets-
Real estate including buildings
Office furniture and fittings
Motor vehicles


2. Loans-
On mortgage
On debentures or shares
On policies of the Company
Other (to be specified)


3. Government Securities-
(a) Guyana
(b) Securities guaranteed by the
Government of Guyana (specify)
(c) Other “Caricom” Government
(d) United Kingdom
(e) Canada
(f) Other (specify)


4. Ordinary shares in Guyana companies
(particulars to be specified)


5. Ordinary shares in non-Guyana
companies (distinguish between
Caricom and other foreign countries)


6. Preference shares in Guyana
companies


7. Preference shares in non-Guyana
companies (distinguish between
Caricom and other foreign countries)


8. Bonds and debentures in Guyana
companies


9 Bonds and debentures in non-Guyana
companies (distinguish between
Caricom and other foreign countries)


10. Investment in dependent companies
which are insurance companies


11. Investment in dependent companies
which are not insurance companies


12. Other investments (specify)

L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 223
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
13. Fixed deposits with Bank

14. Fixed deposits with other financial
institutions (specify)


15. Cash on current account and in hand

16. Amounts due from
agents and sub agents
17. Amounts due from
brokers
18. Amount due from Policy holders


19. Amounts due from other insurance
companies


20. Interest, dividends and rents
accruing but not due


21. Interest, dividends and rents
outstanding


22. Sundry debtors

23. Other Assets (specify)

24. Total non-admitted assets

LAWS OF GUYANA
224 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
Form D4
Statutory Fund Requirement (for business written in
Guyana only)
(a) in respect of Long-Term insurance business as at (balance
sheet date) per class of business
Long term Insurance Liabilities to Guyana Policyholders Class of Long term
business
Class
1
Class 1 Class
2
Class 3 Class
3
Total Previous
All excl. annuit
Annuitie
s
Approved
Pensions Other Total
Add Notes $ $ $ $ $ $ $
Long-terms Funds as
per Form A1-
Actuarial Liabilities:
Participating
Individual policy
holder liabilities
Participating Group
policyholder
liabilities

Subtotal
(participating/with
profit liabilities)

Non-Participating
Individual
policyholder
liabilities
Non-Participating
Group policyholder
liabilities

Subtotal (non-
participating/without
profit liabilities)

Contingency
Reserves (to be
specified)

Total Long Term
Actuarial Liabilities


Outstanding
individual claims not
included in actuarial
reserves-
Assurances (deaths,
maturities)
Annuities due and
unpaid
Other (to be
specified)

Total outstanding
individual claims


Deposits re policies
L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 225
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
Premiums paid in
advance
Unpaid dividends
Accrued interest on
policies
Undistributed/unreco
gnised equity &
liability within Fund
(Al)*
Other (specify)


total Segregated Long
term insurance
liabilities



Less-

Loans on policies of
the company 1,2 & 3
Interest accrued on
policy loans 1,2 & 3
Outstanding
premiums 1
other (specify) 1



Less-
Market value of
statutory deposit
placed with
Commissioner


Statutory Fund
requirement

This refers to the changes in the value of the Fund following the
previous Actuarial investigation.
Instructions-
1. These may only be deducted if not already allowed
for in the calculation of actuarial liabilities. If the actuarial
liabilities are already off-set by any of these items they shall not
be included in this form. Actuarial reports must clearly show
how these items are treated for the purposes of calculations of
liabilities, otherwise no value may be entered for this item in
this form.
2. Policy loans and interest may only be deducted if not
already allowed for in actuarial liabilities. If the actuarial
LAWS OF GUYANA
226 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
liabilities are already off-set by any of these amounts may not
be included in this form. If amounts are entered in this Form,
companies must ensure that the actuarial report submitted
clearly shows that policy loans & interest are not already
deducted.
3. The value of a policy and accrued interest on that loan
for any policy shown in this Form shall not exceed the cash
surrender value of that policy. If a value is entered for the
purposes of assessing the statutory fund, an appendix shall be
provided showing the cash surrender value, policy loan and
accrued interest for all policies which have a policy loan.
Statutory Fund Requirement (for business written in Guyana
only)
(b) in respect of general insurance business as at (balance sheet
date) per class
Liabilities to Guyana Policyholders Class of General insurance business Class
1
Class
2
Class
3
Class
4
Total Previous
Total
Add- $ $ $ $ $ $
Unearned premium reserves
Estimated liability for outstanding
claims
Estimated liability for unexpected risks
Additional reserve for premium
deficiencies
Other (specify)


Premiums paid in advance
Unpaid dividends
Undistributed surplus



Less-
Outstanding Premiums
Other (specify)



Less
Market value of securities placed on
deposit with the Commissioner of
Insurance in respect of General
Insurance business


Statutory
L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 227
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
Form E1
General and Investment expenses
Details of expenses incurred by the Local Office or
Representatives of Overseas Offices shown in profit and loss
statements

Name of Company Year of Statement
Investment during Year
excluding investment
expenses
Amount incurred charged
as investment expenses
Total In respect of
Guyana
Business
Total In respect of
Guyana
Business
$ $ $ $
Rent
Charged to Local
Office

Charged to Head
Office (if different)
Branches of Local
Office rents


Total rents

Real estate
expenses, excluding
taxes


Salaries, wages and
allowances
Local Office
employees salaries
and wages
Head Office
employees salaries
and wages
Branch Office
employees,
managers and
agents salaries
Expense allowances
and advances to
agents

LAWS OF GUYANA
228 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations

Total salaries,
wages and
allowances


Employees and
Agents Welfare
Contributions to
pension and
insurance plans for
agents and
employees
Other welfare items


Total Employees
and Agents Welfare


Professional and
service fees &
expense
Legal fees and
expenses
Medical
examination fees
Inspection report
fees
Actuarial fees
Auditors’ fees
Investigation and
settlement of claims


Miscellaneous
Expenses
Advertising
Subscriptions e.g.
Books, periodicals,
Association dues
Collection and bank
charges
Insurance, exception
on real estate
Office furniture and
stationery incl.
postage
Commission on
mortgages,

L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 229
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
custodian & trustee
fees
Travelling expenses
Sundry general
expenses

Total miscellaneous
Expenses


Total

Total investment
Expenses


Total expenses
Instructions-
1. The companies incorporated outside Guyana should
complete this Form only in respect of its business done in
Guyana.

LAWS OF GUYANA
230 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
Form F1
General interrogatories
1. Have any of the assets of the company been pledged as
security or lodged as collateral? If yes, provide details on a
separate page and list amounts. Indicate whether or not any of
these assets are held in the statutory funds.
No/Yes. If Yes, total amount $
If Yes, total amount held in statutory funds $
2. Has the company provided a letter(s) of credit against
which funds can be drawn by the beneficiary?
If Yes, please provide details on a separate page including
amount.
No/Yes. If Yes, total amount $
3. Does the company have any material contingent
liabilities or contractual obligations or other off-balance sheet
liabilities that have not otherwise been disclosed in this
submission? If yes provide details on a separate page.
No/Yes. If Yes, total amount $
4. Has the company guaranteed the liabilities or other
transactions of any other corporations, including subsidiaries?
If yes, please provide details on a separate page including
amount.
No/Yes. If Yes, total amount $
5. Please provide a description of the methods used in
apportioning items of income and expenditure by fund and line
of business.
L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 231
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012



6. Please provide the exchange rates used for any
conversions done to complete these forms.



7. Does the company transact directly any non-
insurance business? If yes, please provide a description of the
nature of the service provided. Audited financial statements
submitted should clearly disclose revenues generated from
the non-insurance business.

LAWS OF GUYANA
232 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
F o
rm F
2
Q u
a rt
er ly
r ep
o rt
o n
c re
d it
e x
p en
d it
u re
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( iv
)
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L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 233
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
Form F 3
Quarterly report on aggregate loans
........................................................
Name of Insurance Company
REPORT ON AGGREGATED LOANS TO SHAREHOLDERS,
DIRECTORS, OFFICERS AND OTHER RELATED PERSONS
For the Quarter Ended .......................................
[Amounts ($) to the nearest thousand] Due Date: 15 days from quarter-
end
Aggregate Loans
No. of
Borrowers
OUTSTANDING AMOUNTS
Unsecured
Amounts
Loans
Overdraft
Bonds /Debentures/
Securities
Total
Domestic Foreign
1. Shareholders
2. Directors
3. Officers
4. Officials &
Employees
(a) Housing
(b) Others
5. Other Related
Persons

TOTAL
% OF CAPITAL BASE

VALUE OF CAPITAL BASE = $

LAWS OF GUYANA
234 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
SCHEDULE 3
DESCRIPTION OF TYPES OF POLICIES
An insurer shall submit to the Commissioner the names and a
description of all types of business written by the insurer and
this shall include–
(i) a brief description of each type of policy on the
books;
(ii) number of policies of each type on the books;
(iii) the name of the countries in which the policy is
sold;
(iv) certified sample contracts if not previously
supplied;
(v) their classification in accordance with the
Schedules 1 and 2 of the Act;
(vi) the policy reference;
(vii) whether it is open or closed to new business;
(viii) the launch date of all types of policies’
(ix) the date of the premium rate of all long-term
policies was approved by the Actuary;
(x) the dates of any re-price or changes to the
terms and conditions of the policy;
(xi) a list of all endorsements that are applicable to
each type of policy;
(xii) a list of all rider contracts that are offered for
Reg. 32
L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 235
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
each type policy
(xiii) any changes to premium rates submitted to the
Commissioner; and
(xiv) the minimum and maximum terms of each
type of long-term policy.
SCHEDULE 4
ABSTRACT OF ACTUARIAL INVESTIGATION AND
VALUATION
1. The abstract of the actuarial investigation completed
pursuant to section 32 of the Act shall include the information
contained in Part 1 and 2 of this Schedule.
2. The first part of the abstract shall contain details of
the results of the valuation and investigation.
(a) Pursuant to section 32 of the Act an investigation by ........
................................... [name of actuary] was performed on .........
(day) .................................. (month) .............. (year).
(b) The basis of the valuation and general methodology
adopted by the actuary is .................................................
(c) The results of the investigation and valuation are as follows-
Total assets (1) G$............................
Statutory Funds & Statutory Deposits (2) G$............................
Total long-term insurance liabilities (3) G$............................
Total general insurance capabilities if
applicable(4)
G$...........................
Other liabilities (5) G$...........................
Actuarial surplus/deficit (6) G$............................
Reg. 32
LAWS OF GUYANA
236 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
(1) The basis for determining the value of the assets
is.............................................................................................
(2) The value of the total statutory fund and
statutory deposit for long-term business held by the company
is G$................................... and the value of the total statutory
fund statutory deposit for general insurance business held by
the company is G$..................................
(3) Total long-term insurance liabilities for each
country of operation * comprises-
Class 1 Assurances
Annuities (in excess of 5 year
term)
Annuities (under 5 year term)
Other (specify)
G$.........................
G$.........................
G$.........................
G$.........................

Class 2 Income replacement
Critic Illness
Other (specify)
G$..........................
G$..........................
G$..........................

Class 3 Registered pension funds
Unregistered pensions funds
Other (specify)
G$..........................
G$..........................
G$..........................
*To be completed for each country of operation for insurers
other than external insurers. To be completed only for Guyana
business for external insurers.
The information provided above shall show separately any
explicit margins or reserves or provisions for adverse deviations
by the actuary.
(4) Total general insurance liabilities (required only
for companies carrying on both long-term and general insurance
L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 237
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
business) comprises-
......................................................................................................
......................................................................................................
......................................................................................................
(This section shall contains details of the unearned premium
reserve, the outstanding claims reserve, the unexpired risk
reserve and any other reserve held on behalf of each class of
general insurance business)
(5) Other liabilities comprises-
.....................................................................................................
.....................................................................................................
.....................................................................................................
3. The second part of the abstract shall contain details of
any reliance, limitation or materiality.
4. The third part of the abstract shall contain the
following declaration-
I hereby certify that as at ..................................20......
(i) the company’s surplus/deficit is
G$..............................
(ii) the value of the insurance liabilities is
G$......................
(iii) the allowance for future bonuses is consistent
with current company practice;
(iv) I have reviewed all policy documents and the
relevant embedded options and guarantees
have been allowed for in my investigations;
and
LAWS OF GUYANA
238 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
(v) I have reviewed the company’s reinsurance
arrangements and these have been allowed for
in my investigation.
....................................................................
Signature of Actuary
Date
SCHEDULE 5
TRUSTEE CERTIFICATE OF STATUTORY FUND VALUE
We hereby certify that we have reviewed the information
contained in and accompanying the Statement of Value of the
Statutory Fund (Form D2) as at 31 December ............... and are
satisfied that it is true and correct. We further certify that no
assets have been replaced or removed during the reporting
period without the Commissioner.
(i) ............................................................................
Signature
(Name of Trustee)
(ii) ...........................................................................
Signature
(Name of Trustee)
(iii) ..................................................................................
Signature
(Name of Trustee)
..................................................................
Date
Reg. 33
L.R.O. 1/2012
LAWS OF GUYANA
Insurance Cap. 91:02 239
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
L.R.O. 1/2012
Note: Where the trustee is a corporate trustee, the certificate
shall be signed by two directors and the Chief Executive Officer
(or his equivalent) of the company and the corporate seal affixed.
SCHEDULE 6
REINSURANCE EXBHIBIT
In addition to Forms A2 and B2, a reinsurance exhibit
compromising a depiction and summary of the reinsurance
arrangements and risk exposure of the company shall be
prepared. For external insurers, this shall only apply to
insurance business being conducted in Guyana.
The depiction shall show by each type of risk-
(i) the percentage being retained by the insurer for
quota share arrangements;
(ii) the percentage of risk being retained by each
reinsurer or underwriter for quota share
arrangements;
(iii) the layer and level of risk in Guyana dollars
being retained by the insurer for excess of loss
arrangements;
(iv) the level of risk in Guyana dollars for each layer
being retained by each reinsurer or underwriter
for excess of loss arrangements;
(v) the amount of catastrophic reinsurance if any;
and
(vi) the maximum limit of risk, if any, in Guyana
Reg. 34
LAWS OF GUYANA
240 Cap. 91:02 Insurance
[Subsidiary] Insurance (Company Accounts, Forms and Documents) Regulations
dollars covered by the insurer’s reinsurance
arrangements.
The summary shall include-
(i) a list of the names and registered addresses of
all the reinsurers and underwriters participating
in each risk;
(ii) the most recent credit rating of each
reinsurers and underwriters and the effective
date of the credit rating;
(iii) the names and numbers of the policies covered
by the risks listed;
(iv) for each risk excluding annuities the total sum
assured for each type of policy; and
(v) for each class of business being written
(excluding annuities), the total sum assured
retained by the company taking into account
all reinsurance arrangements in place.
For insurers incorporated in Guyana that operate in other
territories, if reinsurance arrangements differ by territory, the
depiction and summary shall be further split by territory.
____________________
L.R.O. 1/2012