Bermuda Consolidated Legislation

 

BERMUDA STATUTORY INSTRUMENT

SR&O 4/1971

HOSPITAL INSURANCE (LICENSING OF INSURERS) REGULATIONS 1971

[made under sections 28 and 40 of the Hospital Insurance Act 1970 [title 18 item 9] and brought into operation on 6 February 1971]

ARRANGEMENT OF REGULATIONS

1 Interpretation

2 Duration of licence

3 Refusal of licence

4 Licence fee

5 Form of application

Interpretation

1 In these Regulations "the Act" means the Hospital Insurance Act 1970 [title 18 item 9].

Duration of licence

2 A licence to undertake insurance business granted by the Minister under section 28 of the Act shall be valid from the date on which the licence is first granted until the 31st day of March of the next ensuing year, and thereafter, subject to the Act and on payment of the prescribed fee, shall be renewable for further periods of one year.

Refusal of licence

3 Without prejudice to the generality of section 28 of the Act, the Minister may refuse to grant or renew a licence unless he is satisfied that contracts of hospital insurance offered by the applicant—

(a) provide not less than full standard hospital benefit; and

(b) apply in respect of hospital treatment outside Bermuda.

Licence fee

4 Where the Minister determines to grant or renew a licence the applicant shall, prior to the issue of such licence, pay to the Accountant General the sum of $550 in respect of the grant or renewal of such licence.

[Regulation 4 amended by BR 16/1991 effective 1 April 1991, by BR 13/1994 effective 1 April 1994; and by BR 50/1998 effective 1 July 1998]

Form of application

5 An application for a licence shall be in the form set out in the Schedule to these Regulations.

SCHEDULE

Form of Application for a Licence to undertake Insurance Business

Name of applicant:

Location of principal place of business:

Place of business in Bermuda:

The applicant is —

(a) a local company incorporated in Bermuda*

(b) an exempted company incorporated in Bermuda*

(c) a corporation incorporated outside Bermuda*

(d) other than as above*

If (c) or (d) applies give details —

Does the applicant underwrite insurance risks as a principal:

*Delete as applicable

Signed by or on behalf of applicant.

Date

Notes:

1 This form must be submitted to the Insurance Officer together with —

(a) a copy of each type of contract of hospital insurance intended to be offered by the applicant to the public; and

(b) a copy of the latest financial statements relating to the business of the applicant.

2 Where the applicant operates in Bermuda through an agent the information required relates to the business of the principal.

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