Section 14Part 0 —
Reporting to the Commission
←→ Navigate · Click subsection badges to collapse · Press ? for help
The Commission, in order to monitor effectively the performance of the health insurance industry in the Islands, shall at such times each year as it may determine, by notice in writing, request from approved insurers specified information or information of a specified description and shall request such approved insurers to produce specified documents or documents of a specified description relating to — (a) the number of insured persons in the Islands; (aa) the number of contracts of health insurance under each of which only one person is provided with cover; (ab) the number of contracts of health insurance under each of which more than one person is provided with cover; (b) the premiums paid for health insurance; and (c) the financial performance and status of the approved insurers, and the approved insurers shall provide such information.
Further to subsection (1), the Commission shall request and the approved insurers shall provide audited annual reports relating to the information specified in subsection (1).
The Commission shall submit the information received under this section to the Cabinet once a year and at such other times as the Minister for the time being responsible for health may direct.
An approved insurer who fails to comply with subsection (1) or (2) commits an offence and is liable on summary conviction to a fine of thirty thousand dollars, and in the case of a continuing offence to a fine of two thousand dollars for each day or part of a day during which the offence continues.