s.22Duties of the Authority
22
Section 22Part 4 — POWERS AND DUTIES OF THE AUTHORITY

Duties of the Authority

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It is the duty of the Authority —
to maintain a general review of insurance business in the Islands;
from time to time to examine by way of scrutiny of regular returns, on-site inspections or auditors’ reports, or in such other manner as the Authority may determine, the affairs or business of any licensee or other person carrying on, or who has at any time carried on, insurance business, for the purpose of a general review under paragraph (a) or for the purpose of satisfying itself that this Law or any regulations made under this Law or the Proceeds of Crime Law, 2008 [Law 10 of 2008] are being complied with and that the licensee is carrying on business in a fit and proper manner;
to examine the annual returns submitted to the Authority under sections 9, 10 and 11;
to examine and make determinations with respect to —
applications for licences under section 4;
applications for approval of the use of words or representations which require approval under section 36(1);
proposals for the revocation of licences under section 25;
changes under section 8(1)(a);
cases of suspected insolvency;
the exercise of powers under section 23 or 24;
applications for approval of auditors.
In the performance of its functions under this Law, the Authority is entitled at all reasonable times —
to have access to such books, records, vouchers, documents, cash and securities of any licensee;
to request any information, matter or thing from any person who it has reasonable grounds to believe is carrying on insurance business in contravention of section 3(1), as the Authority may reasonably require for the purpose of enabling it to perform its functions under this Law.
The Authority may take all necessary action to ensure the proper and just implementation of this Law, and may authorize in writing any other person to assist it in the performance of its functions.
For the purpose of performing its duties under subsection (1)(b), the Authority may in writing authorize any person, at the expense of the licensee, to examine the affairs or business of any licensee or other person carrying on insurance business and to report to the Authority the results of the examination.
Where the Authority considers it necessary for the proper supervision of a licensee, the provisions of subsections (1)(b) and (2) may be applied to activities or transactions of any member of the licensee’s insurance group.

Cross References

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