s.21Insurance managers
21
Section 21Part 3 — OBLIGATIONS OF LICENSEES

Insurance managers

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An insurance manager shall use his best endeavours to manage insurance business only for fit and proper insurers.
If the insurance manager, in respect of any insurer for or with whom the insurance manager is managing insurance business —
has concerns regarding the fitness and probity of the insurer;
obtains information or suspects that the insurer is unable or likely to become unable to meet its obligations as they fall due;
obtains information or suspects that the insurer is carrying on or attempting to carry on business in a fraudulent or criminal manner;
obtains information that the insurer is involved in any criminal proceedings, whether in the Islands or abroad;
obtains information about a material change in the nature of the insurer’s business that has not been reported to the Authority;
in relation to a class B(i) insurer or class B(ii), obtains information that the limit on unrelated business is exceeded; or
obtains information or suspects that the insurer is carrying on or attempting to carry on business otherwise than in compliance with —
this Law or the Regulations;
the Monetary Authority Law (2008 Revision);
the Money Laundering Regulations (2009 Revision); or
a condition of its licence,
the insurance manager shall report the same forthwith to the Authority.
A person carrying out or charged with the carrying out of any duty, obligation or function under this section shall not be liable in damages for anything done or omitted in the discharge or purported discharge of that duty, obligation or function under this section unless it is shown that the act or omission was in bad faith.
If either party to an agreement relating to representation between an insurer and an insurance manager intends to terminate the agreement, the party shall give sixty days written notice of the proposed termination to the Authority unless the Authority waives the requirement in writing.

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