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REPORTING REQUIREMENTS
Financial Statements and Balance Sheets
Profit and loss statements and balance sheets must be prepared and audited. Such accounts are required annually, or every six months if deemed necessary by the Registrar, and subject to the type of business written. In any event, a full set of accounts will be required annually.
Independent Auditors
While prior approval of the independent auditors of insurance companies by the Registrar is not a requirement, the auditors must be suitably and professionally qualified, and must be certified members of the Bahamas Institute of Chartered Accountants. The independent auditor is required to provide the necessary annual confirmations (accounts/business plan compliance) to the Registrar.
Actuaries
Actuarial valuations, at least once every three years, will be required of life insurers. However, the Registrar may also, in his discretion, require a general insurer to submit an actuarial valuation in relation to its general business. The actuary must hold appropriate professional qualifications and, unless otherwise specified, all valuations prepared must be sent directly to the Registrar.
Annual Compliance Requirements
Apart from the payment by all licensees of an annual license fee, insurers, underwriting managers, and brokers are required to submit as well, within four (4) months after the end of their financial years, certain specified documents and/or undertakings so as to ensure that acceptable business standards and practices are not only in place, but are also maintained while the company/licensee is carrying on insurance business.
Penalties
The conduct of insurance business in or from within The Bahamas will be closely monitored, and the Insurance Acts provide for the suspension or revocation of licenses where such action is justified. Additionally, fines and imprisonment can be imposed where a person contravened the provisions of the Acts and Regulations. The intention of the Acts and the Regulations is to attract quality insurance operations to the Commonwealth of The Bahamas.
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