The sector is comprised of registered insurance companies which provide life and or general insurance products and services. There are a few companies referred to as composite companies which provide both life and general insurances products and services. The sector also includes registered insurance adjusters, brokers, salesmen and agents who are generally referred to as insurance intermediaries.
Please be advised that the above listings of registered insurance intermediaries are based on the Central Bank's records as at the 31st day of December 2017.
Intervention occurs when the Central Bank imposes requirements or places restrictions on a company in light of certain adverse conditions present in the company.
The Authority to Intervene
Section 65(1) of the Insurance Act confers on the Central Bank, the authority to "at any time intervene in the affairs of a company registered under this Act to carry on insurance business" where the Governor is satisfied that the grounds for such intervention, as detailed in Section 65(2), exist.
Generally, before intervention steps are taken, the Central Bank will work directly with companies to take corrective action. Where this fails the Central Bank, before exercising the power of intervention, will serve notice to the company pursuant to Section 66 setting out the ground(s) for intervention and giving the company thirty (30) days to make written representations for consideration of the Bank.
Where no representations have been made or where representations made are considered unsatisfactory, the Central Bank will proceed to intervene.
The Insurance Act provides a range of requirements as set out in Section 67(1) which may be imposed on an insurance company once the power to intervene has been exercised by the regulator.
The Act also allows the Central Bank to rescind any requirements once it is fully satisfied that these requirements have been met. Central Bank will cease intervention once it is satisfied that the requirements have been met.
The Central Bank has the discretion under Section 67(5) to publish in the Gazette and in a daily newspaper, any or all requirements imposed or any rescission or variation thereof.
Section 68 provides that "If after exercising its power of intervention" (that is, after imposing requirements) the Bank if of the opinion that it is necessary or proper for the company or any part of the company's business to be placed under judicial management, the Bank will apply to the Court for an order for judicial management.
Upon filing an application, the Central Bank may advise the public of the action taken.
The Central Bank shall maintain supervision of the company until such time as the Court appoints a judicial manager. The judicial manager is accountable to the Court and has the powers and obligations as provided under the Insurance Act and is therefore independent of the Central Bank.
As the matter will be before the Court, the Central Bank will not respond to any enquiries pertaining to the application.
The Central Bank will advise the public if and when a judicial manager is appointed by the Court.