INSURANCE REGULATIONS, 2OO5 ARRANGEMENT OF REGULATIONS

1. Citation

2. lnterpretation

3. Application for registration

4. Certificate of licence .y5. Requirements as to capital vr6. Margin of solvency ,r7 " Deposit of securities with the bank

5. Investment of insurance funds L Records to be kept by insurer

6. Form of certificate to be furnished to the commissioner

7. Form ofannual revenue account

8. Approval of auditor by bank

9. Application for registration of insurance agent, broker and , loss adjuster

10. Duration and renewal of registration

11. Qualifications ofinsurance brokers and loss adjusters

12. Qualifications of insurance agents

13. Licence for insurance agents

14. Licence of insurance brokers and loss adjusters ,119. Fees

15. Insurer to notify bank of judgment obtained against it

16. Restriction on payment of commission by insurers

17. Persons for whom agent may act, etc.

18. Approval of bank required for transacting any new insurance business

19. Insurer not to refuse to issue or renew policies under the Motc;r Vehlcles (Third Farty lnsurance) Act

30 31. 32. 33. Investigation of an actuary Qualification of an actuary Composition and functions of the Complaints Bureau Classification of insurance business Examination of insurance institutions Rovertisements Restriction on loans to directors etc Contingency reserves Time to settle claims

. ISSN 0796 - 0271 Supplement "A" to The Gambia Gazette No.23 of 20th December 2g05 _3 Legal N?tice No. 12 of 2005 REPUBLIC OFTHE GAMBIA Citation Interpretation INSURANCE ACT, 2OO3 (2003 NO.10) INSURANCE REGULATION$, 2OO5 lN EXERGISE of the powers conferred on the Secretary of State for Finance and Economic Affairs by section g3 of the lnsurance Act, 2003, these Regulations are hereby made. [7th October 2005]

1. These Regulations may be cited as the lnsurance Regulations, 2005.
2. (1) ln these Regulations, unless the context othenuise requires- "Act" means the Insurance Act, 2003;

Insurance Regulations, 2005 1991 No.2 Application for registration Certificate of licence Requirements as to capital "real property" includes to an estate in land' a lease'or a right of occupancy under the State Lands Act, 1991; t "insurance institution" means an insurer' -a reinsureroraninsurancebrokerorlossadjuster registered under the Act. 3. An application for registration made under section 7'of the Act shall take the format of and be ,rrotp"nied by documents prescribed in Form A' 4. (1) A person shall be registered and issued with'a licence by the Central Bank once the prescribed process referred to in regulation 3 has been satisfied. (2) A person shall at all times display the Iicence in his or her PrinciPal office. 5. In accordance with section 11 of the Act, an insurer shall have and maintain, in the case of- (a) a company limited by shares a paid-ttp capital of not less than fifteen million dalasis; (b) a company limited by guarantee, acontri￾bution by subscribers to the memoran-

Insurance Margin of solvency dum and articles of association to the general fund of the company, of an amount of not less than fifteen million dalasis; (c) a mutual company, a surplus of assets over liabilities of an amount of not less than fifteen million dalasis; (d) a composite company under section 11 (2) of the Act, a paid up capital of an amount of not less than thirty rnillion dalasis; and (e) a licensed reinsurance company, apaid-up capital of an amount of not less than one hundred rnillion dalasis. 6. (1) In accordance with section 12 of the Act, the margin of solvency is as follows- (a) the liabilities under life insurance policies and lonE term insurance policies shall not exceed the amount of the life insurance and long term insurance fund; (b) the assets under classes of insurance business other than life insurance and long term insurance business, shall exceed the liabilities by fifteen million dalasis or one-tenth of the written premium income (gross premium tess refund), whichever is greater;

lnsurance Regulations, 2A0S (c) the liabilities under "life reinsuraflce policies and long term reinsu.rance policies shall not exceed the amount of the life reinsurance and long term reinsurance fund; and (d) the assets under classes of reinsu￾rance business, other than life reinsu￾rance and long term reinsurance, shall exceed the liabilities by one hundred million dalasis or one-tenth of the written premium (gross premium less refunds), , whichever is greater. (2) For the purpose of calculating the solvency margin, all moneys owed by policyholders, insu- , rance brokers or agents by way of premiums due but not received by the insurer as at the end of the relevant year, shall not count as admissible assets. (3) Any annount due as liabilities to reirisurers, which are attributable to outstanding premiums in respect of the current year excluded under paragraph (2) of this regulation shail be excluded from liabilities. (3) Where the Commissioner finds that the solvency margin of an insurer or reinsurer has fallen below the margin stipulated in this regulation he or she shall forthwith direct the insurer or reinsurer to make good the deficiency, by way of cash payment into its accounts and satisfactory evidence of the payment shall be produced to the Commissioner within sixty days of the receipt of the directive.

lnsurance *(egulations, 2005 (4) lf satisfactory evidence of payment is not produced to the Commissioner within the time stipulated in paragraph (4) of this regulation, the insurer or reinsurer shall not undertake a new insurance business until it produces satisfactory evidence of payment to the Commissioner. (5) Failure to make payment and produce satisfactory evidence of the payment as required under paragraphs (4) and (5) of this reguiation, within a period of sixty days of the receipt of the directive, shall constitute a ground for the cancellation of the registration of an insurer under section 10 of the Act. (6) An insurer who transacts a new insurance business in contravention of paragraph (S) of this regulation shall be liable to have its registration cancelled under section 10 of the Act notwith￾standing that the period of sixty days referred to in paragraph (6) of this regulation has not expired. (8) An auditor who audits the balance sheet, profit and loss, and revenue account of an insurer under section 22 of the Act shall issue a certification stating the extento which the insurer has satisfied the rnargin of solvency required under this regul6tion. (9) Where the Commissioner isnot satisfied with a certification issued under paragraph (8) of this regulation, he or she may conduct an independent investigation on the matter with a view to determining what action fo take againsthe insurer or the auditor.

lnsurance Regulations, 2005 (10) Where an investigation conducted under paragraph (9) of this regulation discloses a false certification by an auditor, the Commissioner may write a report on the auditor to the appropriate professional body for necessary disciplinary action. (1 1) Where an insurer or reinsurer fails to account for its insolvency, any auditor who in the three previous years certified the company as being solvent shall be liable. (12), In this regulation, "admissible assets" means assets designated as admissible assets consisting of- (a) cash and Bank balances; (b) quoted investment at market value; (c) unquoted stock at cost; (d) land and buildings; (e) furniture and fittings; (f) office equipment; (g) motor vehicles; (h) prepaid expenses made to member of staff; (i) amount due from retrocession;

Deposit of .- securities with the Bank Investment of insurance funds 0) staff loans and advances; and (k) claims receivabte. l. fne securities required to be deposited for the purposes of section 13 of the Act is hereby pre￾scribed as either The Gambia Government secu_ rities or cash deposit or a combination of both; of an amount of not ldss than the sum of three hundred thousand dalasis for each class of insurance business carried on or to be caried on by it and in the case of an reinsurer, an amount of not less than five million dafasis. S. (J) For the purposes of section 16 of the Act, an insurer in respect of its insurance business, shall invest and hold invested in The Gambia, noi less than the value of the insurance fund (fifty per cent of retained premium) in property 'and securities except- (a) shares of limited liability cqmpanies not exceeding ten per cent of the investible funds of any class of insurance business; (b) shares in other securities of cooperative societies registered under a law relating to cooperative societies not exceedin! ten per cent of the investible funds o-f any class of insurance business; (c) loans to building societies;

Records to be kept by insurer (d) loans on real property, machinery and plant in The Gambia; (e) loans on life policies within their surrender values; (0 cash deposit in or bills of exchange accepted by licensed banks; and (g) such investments as may be deter￾mined by the Comnnissioner. (2) Except with the prior approval of the Bank, no insurer shall in respect of- (a) its general business, invest more than twenty-five pdr cent of its assets as defined in paragraph (1) of this regulation in real property. (b) its life business, invest more than thirty-five per cent of its assets as defined in paragraph (1) of this regulation in real ProPertY. (3) An inSurer that contravenes the provisions of this regulation commits an offence and is liable on conviction to a fine of not less that five thousand dalasis. 9. (1) The records required to be kept by an insurer at its principal office under section 17 of the Act shall be as follows-

(a) the Memoranduin and Articles of Asso￾ciation and other evidence of the constitution of the insurer; (b) a record containing the names and addresses of the owners of the insu￾rance business whether known as or called shareholders or otherwise; (c) a recond of the number of policies in force for each class of insurance business transacted in The Gambia; (d) the minutes of any meeting of owners and the policy-making executive (whe￾ther known as or called the Board of , Directors or otherwise) ; (e) a register of every policy issued, the names and address of the policy￾holder, the date when the policy was effected and a record of, any transfer, assignment or nomination of which the insurer has notice: a register of claims in which shdll be entered- (i) claims made together with the date of claim, the name and address of the claimant and the date on which the claim was settled, (0

Insurance Regulations, 2005 (ii) in the case of a ctaim which is repudiated, the date of repu￾diation and grounds for ifre rejection, and (iii) in the case of litigation, the particulars of the litigation and the decision of the court-in the mattefi (g) a register of all investments showing those, which are attributable to th; insurance funds and those which are not, and also any alteration in value from time to time ; (h) a register of reinsurance ceded show_ ing separately those ceded in The Gambia and those ceded outside The Gambia including; (i) record of facultative reinsurance premiums ceded, to whom they fiave been ceded and th; commission; (ii) a record of treaty reinsurance premiums ceded, to whom they have been ceded and th; commission; (iii) a record of premiums obtained by way of reinsurance cessions from outside the Gambia. (i) a register of its assets;

Insurance_Regulationp.2005 13-, 0) a cash book; (k) a current account book; ,, (l) a register of open poticies in respect of marine insurance transactions; and (m) management report by externat auditors. (2) An insurer shall in'respect of its life insurance business maintain and keep the foflowing additional records- (a) a register of assureds under group policies; (b) a register of loans on policies; (c) a register of cash sunendered values; and (d) a register of lapsed and expired policies. ' i (3) An insurer or officer of an insurer who fails to 99,mply.with any of the provisions of paragraph (1) or (2) of this regulation commits an ofrence and shall be liable on summary conviction, if the offender is - (a) an individual, to a fine not exceeding one thousand dalasis or to imprison_ ment for a term not exceeding one year or to both the fine and imprisonment; and

Insurance Regulations, Z00S Form of certifi￾cate to be furnished to the commissioner Schedule Forms C and D Schedule Forms E and F (b) a body corporate, to a fine not exceed￾ing five thousand dalasis, 1O tt) The certificate required under paragraph (a) of section 20 of the Act to be turnisned-by-a registered insurer shall- (a) in the case of life insurance busi￾ness, be in Form C specified in the Schedule to these Regufations; and (b) in the case of any class of insurance business other than life insurance be in Form D specified in the Schedule to these Regulations. (2) The returns and accounts required to be submifted by section 20 of the Act shall be in Forms E and F, as the case may be, specified in the Schedule to these Regulations. (3) An insurer who, in contravention of section g3 of the Act failsj neglects or refuses to file the returns and accounts required by section 20 of the Act, commits an offence and is liable on conviction to a fine of five hundred dalasis per day for each day of default. (4) An insurer shall in each year after receipt of the approval of the Commissioner, publish its audited annual balance sheet together with its profit and

. lnsurance Regulations, 2005 Form of annual revenue accouht Schedule Form G Approvalof auditor by bank Application for registration of insurance agent, broker and loss adjuster. Schedule. Forms H and I Duration and renewal of registration loss accounts in at least one newspaper having wide circulation in The Gambia. (5) No insurer shall distribute any dividend without the approvalof the Commissioner. 11. The revenue account required to be furnished by section 20 (d) of the Act shall be in Form G specified in the Schedule to these regulations. 12. Where the 'name of an auditor has been approved by the Bank at the time of the i"egistra￾tion of an insurer, that auditor shalf be deemed to be approved by the Bank for purposes of section 22 of the Act. 13. The application for registration required to be made- (a) under sections 49 (2) and bB (2) of the Act in the case of an insurance broker, or loss adjuster shall be in Form H specified in the Schedule to these Regulations; (b) under section 45 (21 of the Act, in the case of an insurance agent it shall be in Form I specified in the Schedule to these Regulations. 14. (1) Every registration under section S,45,49 or 58 of the Act shall expire twelve months after the date on which the registration took effect or, in the case of a registration which has been renewed, twelve months after the date on which the renewaltook effect.

Insurance Regulations, 2005 Schedule Form J Qualifications of insurance brokers and loss adjusters (2) . An application for renewalof registration shall in the case of an insurer, insuranie broker and lf:"r adjuster be in Form J specified in the Sbhedule to these Regulations. ' - (3) A renewal of -_registration under this regu- lation shall take effegJ on the day immediatliy following the day after which the registration would expire under paragraph (1) ;f this regulation if the registration is

n6t renewed. J_s_.Ih" following provisions of this regutation shall, {or the purposes of. section 49 (3) anJ SA (3) of the Act, have effect with respect tb'tne qualifiiations for registration of insurance brokers and loss adjusters- (a) an insurance broker or loss adjuster shall be either￾cap. e5:01 fi) a company registered under the Companies Act, or (ii) a partnership orfirm; (b) an insurance broker or loss adjuster shall have- (i) a principaloffice in The Gambia; (ii) a principal officer who is not less than twenty-one years of age and who has had not less than three years experience in the employ_ ment of an insurer or loss adjuster who, in the opinion of the Commi￾tl il$l,

Insurance Rezulations. ?005 - 17 ssioner, is ,eligible for registration as an insurer or loss adjuster . under the Act; Qualifications of insurance agents 16. (1) In accordance with section 45 (3) of the n9t, !o person shall act or carry on business in The Gambia as an insurance ag'ent unless he or she- (a) is a resident of The Gambia; (b) has attained the age of twenty_one years; (c) is in possession of secondary four Certificate, West African Senior Scnooi Certificate Examination or has attained an equivalent standard of education in the English Language; and (d) has three months training in insu_ rance business in a recognized insu￾rance training institution orls a per-son who, in th6 opinion of the Com_ missioner, has reasonable insurance knowledge to act as an insurance agent. (2) An insurance agent may be an accredited agent of one or more insurers. 17. (1) The licence required to be issued on registration of insurance agents under section 45 of the Act shall be Form K specified in the Schedule to these regulations Licence for insurance agents Schedule Form K

Insurance Regulations, 2005 Licence of insu￾rance brokers and loss adjusters Schedule Form L Fees !?)^l ^-re.Oistere! insurance agent shail pro- :,n"*"|11l:l:S lq_qlv whom poticyhofdir of the insurer he or she repre3il" ine iiJJ;J';JH';.1 that insurance agent under th-e l";--' 18. (1) The licence required to be issueq ,.- insurance brokers or loss adjusters by sections 49 13) and 58 (3), respectively of the Act shail be in Form L specified in the Schedule to these Regulations. (?) A registered insurance broker or loss adjuster shall at all times while he or she carries on business in The Gambia display, in the principai office of that insurance broker orloss adjuster, ihe licence issued to that insurance broker or loss adjuster under the Act. 19. (1) An insurance broker or loss adjuster shalt for the purposes of section 82 of the Act, pay an annual fee of one thousand dalasis in respeit of the year cortrmencing on the date of the registration and in respect of every subsequent year during which he or she continues to be registered. (2) An insurance agent shafi for purposes of section 82 of the Act, pay an annual fee of one hundred dalasis in respect of the year commencing on the date of his registration and in respect of every subsequent year during which he or she continues to be registered. (3) The annual fees prescribed by paragraphs (1) and (2) of this regulation shall-

Insurance Regulations, 2005 i t.:I flq il *l' cii l 'I! i, (a) in relation t9 the frst year in respect of which. the fee is reqlired to be puiJ, be paid immediately on registration as an tnsurance agent, broker or loss adjuster, as the case may be; and (b) in relation to each subsequent year, be paid not less than fourteen -days from the commencement of that. year. (j) - For the purpose of section 79(S) of the Act, the fee for the supply of a copy of the balance sheet to a policyholder of the insurer shall be one hundred dalsis. (5) An insurer shall, on being registered, pay a registration fee of five thousanO Oatisis (6) . A reinsurer, shall, on being registered, pay a registration fee of twenty-five thouslnd dalasii which the reinsurer shall also pay as renewal fee in respect of e.very subsequent y-ear during which it continues to be registered. An insurer shall also pay a renewal fee of thousand dalasis in respect of the year commencing twelve months after the registration a$ .in respect of every subsequent yeJr during which he continues to be registeied. (8) The renewal fee refered to in paragraph (T) ot thi-s regulation shall, in respect of -eabh 'ylrur, referred to in that paragraph, be paid not laterihan fourteen days from the'commencement of that year. (7) flve

Insurance Regulations, 2005 Insurer to notifi7 Bank of judgment obtained against it Restriction on payment of commission by insurers Persons for whom agent etc. Approval of Bank required for transacting any new insurance business (9) An insurer who fails to renew its licence in contravention of section 5 of th6 Act commits an offence and is liable on conviction to a fine of not less than fifty thousand dalasis. . 20. (1) Every insurer shall notifo the Commissioner of any judgement obtained against it and shall provide the Commissionerwith evidence that such judgement has been satisfied (2) Provide the Bank with evidence that such judgment has been satisfied. (3i Every insurer shall notifo the Commissioner of any judgement against any policy holder of the insurer in respect of which judgement the insurer has a liability under the policy. 21. A registered insurer shall not pay any com￾mission to an insurance agent, broker or loss adjuster who is not registered under the Act. 22. No registered insurance agent, broker or loss adjuster shall do business in The Gambia for an insurer that is not registered under the Act. 23. No registered insurer shall, except with the prior approval in writing of the Bank, commence or transact any class of insurance business, which it was not transacting prior to the commencement of the Act.

Insurance Rezulations, 2005 21 lnsurer not to re￾fuse to issue or renew policies under the Motor Vehicles (Third Party Insurance) Act Cap.70:04 Investigation of an actuary 24. A registered insurer who carries on motor insurance business shall not refuse to issue or renew a policy of insurance under the provisions of the Motor Vehicles (Third Party lnsurance) Act. 25. (1) For the purpose of section 24 of the Act, every insurer transacting life insurance business shall- (a) in respect of the business carried on in The Gambia, at least once in every three years, cause an investigation to be made by an actuary as to its financial condition, including avalua￾tion of its liabilities and shall cause an abstract of the actuary's report of the investigation to be made; and (b) prepare a statement of the business at the date to which the accounts of the insurer are made up for the investi￾gation. (2) Forthe purposes of an investigation under this regulation, the value of any asset and the amount of liability shall be determined in accordance with applicable valuation regulations. (3) The abstract and statement required under paragraph (1) of this regulation shall be furnished to the Commissioner within ninety days after the close of the period to which the abstract or statement relates.

22 (4) An insurer who fails, neglects or refuses n6 tne required returns or acCounts under tl regulation commits an offence and is liable conviction to a fine of five hundred dalasis every daY of default. Qualification of 26. A person acting as an actuary shall be￾an actuary (a) a Fellow of the Institute of Actue of England or the FacultY Insutance Actuaries of Scotland; or (b) such other Person rial qualffications a on the aPPlication approve. Composition and functions of the Complaints Bureau 27. (1) In accordance with section 89 of the the Complaints Bureau shall comprise- (a) the Commissioner as Chairperson; (b) a representative of the Department State for Finance and Economic Affe (d) a representative of State for Justice of a Director; having the Bank of an insu not below the (c) a rePresentative of the I Association of The Gambia, not below the rank of Director; of the Department (e) a member aPPointed bY the Bank, who is knowledgeable in insurance practices. ilb - -,_

Insurance Regulations, 2005 23 Classification of insurance business (2) The functions of the Complaints Bureau include- (a) receiving complaints made against insurance institutions and agents by members sf the public; (b) adjudicating between interested parties on the merits of a complaiqt submitted to it; and (c) advising the parties of conclusions reached or of decisions made on any or all relevant issues in the manner it deems appropriate. (3) The Complaints Bureau has the power to determine its own procedures by which to carry out its functions, 28. The classes of insurance business which may be transacted by an insurer are- (a) life insurance and long term insu￾rance; (b) (c) fire insurance; marine insurance and aviation insu￾rance; motor insurance; general accident including credit and bonding; (d) (c)

Examination of insurance institutions Advertisements Insurance Regulations, 2005 (0 medical; (g) reinsurance; and (h) miscellaneous insurance. 29. For the purpose of section 87 of the Act, the Commissioner shall cause an examination to be made of each insurance institution whenever in his or her judgment an examination is necessary or expedient in order to determine whether or not - (a) the institution is in a sound finan￾cialcondition; or (b) the requirements of the Act have been complied with in the conduct of its business. 30. (1) For the purpose of section 81 of the Act, a person who issues an insurance adverti￾sement which contravenes regulations under this section commits an offence and is liable on conviction to a fine of twenty thousand dalasis. (2) A person who in the ordinary course of business issues an advertisement to the order of another person, being an advertisement the issue of which by that person constitutes an offence under subsection (1) of this section, does not commit an offence if he or she proves that the matters contained in the advertisement were not (wholly or in part) devised or selected by him or her or by a person under his or her direction or control.

(3) For the purposes of this regulation, an Restriction on loans to Directors etc. advertisement issued by any person on behaif of or to the order of another person shall be treated as an advertisement issued by that person, and for the purposes of any proceedings under the Act or this regulation an advertisement inviting person to enter into contracts with a person specified in the advertisement shall be pre￾sumed, unless the contrary is proved, to have been issued by that person. (4) ln this regulation- (a) "advertisement" includes every form of advertising, whether in a publication or by the display of notice or by means of circulars or other documents or by an exhibition of photographs or cinemato￾graphy films or by way of sound broadcasting or television, and references to the issue of an advertisement shall be construed accordingly; and (b) "insurance advertisement" means an advertisement inviting persons to enter into or to offer to enter into contracts of insurance, and an advertisement which contains information calculated to lead directly to persons entering into or offering into such contractshall be treated as an advertisement inviting them to do so. 31. (1) For the purpose of section g3 of the Act, no insurer shall grant loans to an officer of the insurer directly or indirectly except- .

Insurance (a) loans on life Policies issued officer bY the insurer; or ContingencY reserves Timeto seftle claims (b) loans normally formirig part of the terms and conditions of service of the officer' (2) An insurer who grants itsofficer or an insurer wno receives any loan otherwise than as prwided for in paragraph (1) of this regulation commits an otr"n.b tni is tib5te on conviction to a fine of double the amount of such loans' 32.(1) An insurer shall establish and maintain coniingency reserves to cover fluctuations in securitles and variations in statistical estimates' (2) The contingency reserveshall be credited *i[n un amount 6t not less than three per cent of￾the retained premium or twenty per cent.of tne net profits (whichever is greater) and the amount shall accumulate until it reaches the amount of the minimum paid-up capital or fifty f,er cent of the net premiums (whichever is greater). 33. (1) Where a claim is made in writing by the insurlci or any other party entitled to claim under the insurance PolicY - (a) 'the insurer shall, where it accepts liability, settle the claim not later than ninetY daYs after the issuance of the discharge note;

Insurance Re$rlations, Z00S J1 (b) where ahy claim remains unpaid as provided in sub-paragraph (a) of this paragrapl-1, the insured may request the Bank to effect the 1 payment from the statutory deposit of the insurer and the Bank shall effecthe payment; or (c) where it does not accept liability, delivet a statement in writing stating . the reasons for disclaiming the liability to the person making the claim or his or her authorized representative not later than ninety days from the date on which the person delivered his or her claim to the insurer. (2) An insurer who acts in contravention to this regulation commits an offence and on conviction is liable to a fine of fifty thousand dalasis. I I t I I E t

Insurance Regulations, 2005 SCHEDULE (resutations 3' 4 (1)' 10' 11, 13,14(1),17 (1)' 18) INSURANGE REGULATIONS' 2OO5 FORM A Regulation 3 APPLIGATIoN lf$REGlsrRArloN BY

1. Name of company'.......'......

2. Head office....'...

3. Postaladdress and telephone number Name of princiPal officer..... State whether - (a) incorporated under the Companies Act............. (b) registered under the Co-operative SocietiesAct........... r..'r-'r-'r (c) incorporated under laws outside The Gambia

6. lf an external company, state whether regist￾ered under the Companies Act"""""' 7' State whether (a) a companY limited bY shares' ' (b) a company limited by guarantee"""""' (c) a mutualcompany''

7. (a) State amount of paid'up'capital if a company lim'rted bY shares (b) State amount contributed by sub￾scribers lI '- totPtnY limited bY guarantee (c\ State amount of surplus of assets \v/ ;; -ii"uititi"t if a mutual company"

8. Date of the end of last frnancial year.........

9. Total number of all classes of employees

10. Total number of insurance agents' brokers I " 'r-nO to,t adjusters to be registered: (a) Agents"""""""' (b) Brokers"""""""

Insurance (c) Loss Adjusters' 12. Name of Bankers and address 13. Re-insurance Guarantors and address.... 14. DateofcommencemenUrecommencement of business...... Declaration bY the APPlicant We, ......... ", herebY aPPIY fo1 fiitttttil under the Insurance Act 2003 and O"lf"t" tn" above particulars to be true and correct anO agree io notify the .Bank 'of any tti"titf afterati-on in the foregoing information as soon as Practicable thereafter' (Director... bated . i Signed: ' ""'f"""" (Director).. (Chief Executive) The foltowing enclosures required are attached h;;"t" ,.rotlingiy togetner with the registration fee. (a) a certified copy of the applicant's articles or certificate of incorpoiation or other documents bY wnidh the insurer is constituted;

lnsurance Regulations, 2005 31 ! (b) in the case of a Co-operative Society or a mutual insurer a certified copy of its current byelaws or other rules of membership; (c) dcopy of the insurefs most recent financial statement together with a list of the various classes of insurance business transacted or ' proposed to be transacted including the gross premium inconpe for each class of business written in The Gambia for the period of such financial statement; (d) if it is an external company, evidence that it is duly registered under the Companies Act (Cap. 95:01 of the Laws of The Gambia); (e) evidence of the deposit required by section 13 of the Act with the Bank; (f) list of all agents, brokers and loss adjusters to whom commission is PaYable; (g) a copy of each policy of insurance which the insurer issues or proposes to issu;. (h) a certificate of solvency as required by paragraph (a) of section 20 of the Act in Form C or Form D, as the case maY be, as prescribed (i) a feasibility study and report for the first or the next five year period of operation comprising the following information and date-

Insurance n"g"!"iont' M comPrehensive cash-flow lysis, qross Premium income tF :Ii:l; Ni*; b'roiections for each class ot business' re-insurance guarantee- 'J*.ng"*"ntt llg PriPosed 9Y 1" titi,tJi "no certified bY the re￾insurer, (iv1 assessment or evaluation analysis of the prospecit tnO plofit potential of the totPtnY for the next five years. INSURANGE REGULATIONS' 2OO5 FORM B Regulation 4 (1) GERTIFICATE OF LICEN.CE OF INSURER ;=#i'ilt-i tnsumncE Acr The Central Bank of The Gambia fgrebV certifies that "":"':":-':-"" Ity" been durv reqistered as an ;il;;;';Jer tne terms of the iniut.n." Act, 2oo3 lssued in Baniul under the€eal of the Bank this daY of"""" """"""'zv (i) (ii) (iii)

: -t
FORM G Regulation 10 CERTIFICATE OF SOLVENCY IN RESPECT OF LIFE POLIqES I certiflT that the liabilities in respect of life insurance polices of the (insefi name of comPanY) for the financial Year ending do not exceed the amount of the Life lnsurance Fund as shown in the balance sheet. Signed Actuary....

34 lnsurance INSURANCE REGUIATIONS' 2OO5 FORM D Regulation 10 CERTIFIGATE OF SOLVENGY IN RESPECT OF CI.ESSES OF INSURANGE OTHER THAN LIFE INSURANCE We certify that the total assets in respect of all classes of insurance business other than Life lnsurance business of the (inseit name of comPanY) for the financial year ending........'...'....... exceed the liabilities by 15,000, 000 dalasis*/one tenth of the premium income, whichever is greater' Date......., Signed Auditor Directors (two or more) nDelete where inaPPlicable

DECLARATION BY PRINCIPAL REGISTERED INSURER REPRESENTED {e ,....,:...,:............... hereby certify that to the best of our knowledge and belief the above particulars are true and correct and the applicant I rqo (a) undergone c, qliod of training in insurance for at'least three rTpnths: (b) has been an insurance agent for at least three months before the commencement of the Insurance 4ct,2003. Date Signed The first annual fee is enclosed together with two passport size copies of a recent pliotograph , of the applicant.

Insurance Regulations, 2005 INSURANCE REGULATIONS, 2OO5 FORM E Regulation 10 MODEL COIIPANY ACCOUNTS Profit afld Loss Accouni as at 31st Decembe r20-_ premiuminc@ glemjumin% nmm)

ffi(ppp+qqq*ooo￾ividends reqtlYgq befote inGrest PaYable & tax / Ld;me r-T a x & | nte re st(zzz' nus Paid ransTerreilto rehined earnings CCC+DDD.EEE.FFF .'BNR means craims incurred but not reported by the balance sheet date'

Insurance Regulations, 2005 INSURANCE REGULATTONS, 2OO5 FORM F Regulation 10 EET otal Liabilities

Insurance Regulations, 2005 INSURANCE REGULATTONS, 2OO5 FORM G Regutation 11 FORM OF ANNUAL REVENUE ACCOUNT Revenue Account l?i;r ..:......(Cfass) (name of of the.......... company)ro, ne vl""r- "ilr,rg.. ... .. . . 20 Funo at 166 beginning of year "Premium (net of refunds, rebates and premiums for reinsurance ceded) Commission on reinsurance ceded Other income (particulars to be specified) Loss transfened to profit and lqqs account Claims-pIid (less satvage) reinsurance recoveries Estimated outstanding cfaims (less reserve at the beginning of the year) Commi￾ssion paid on direct business experJses of manage_ ment

Insurance Regulations, 2005 Certified conect Auditor *Note: Facuftative reinsurance business accepted is to be ii

FORM H Regulation 13 ,-',frLttf I'PJ,Effi=flt'ff'l?:,?Jrr*

1. Name of appticant
2. PostalaOOress o. situation "r orir.iori"or" i, ,i" ""rrf, 4. status t*rp"rr; ;;;;;ip, etc.)
3. State if broker or foss adjuster
4. ,.Particulars of principal officer in The Gambia: (i) Name ..... . ....... (ii) Ase (iii) Experience in insurance
5. Principal registered insurer represented State date on which business was commenced The Gambia in
6. State paid-up capital and statutory d.eposit and quote :ylg::^.i_"J payment in *rrr, .r-.1 1,nrrrrnrc

brokers only)

lnsurance Regulations, 2005 DECLARATION BY APPLICANT Ws, ........ hereby apply for registration un the Insurance Act, 2003 and declare the above particurars to true and correct and agree to notify the Bank of any mal alteration in the information supplied and that in the terms of enactment in force in The Gambia or any other country - (a) have not been adjudged insolvent or bankrupt, and (b) have not made an assignment to or an or composition with creditors which has not been rescinded or set aside, and (c) have not been convicted by a court in any country an offence involving dishonesty, criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of or an attempto commit such offence. Date. Signed

lnsurance Regulations, 2005 INSURANCE REGU LATIONS, 2OO5 FORM I Regulation 13 APPLICATION FOR REGISTRATION OF TNSURANGE AGENT

1. Name of applicant Postal address
2. State if parttime or full time agent
3. lf a part-time state main occupation
4. Give the names of the registered insurer represented .............
5. State: (a) Age of applicant (b) General educational standard and qualifications (c) lnsurancexperience and qualifications, if 4ny.........."

Insurance Regulations,. 2005 oecunnrrorl ev APPLICANT I .............. ....... hereby apply for registration lnsurance Act, 2003 and declare the above particulars and correct and agree to notify the Bank of any material the information supplied and that in the terms of any force in The Gambia or any other country I- (a) found to be of unsound mind by a court of jurisdiction; (b) adjudged insolvent or bankrupt, and (c) convicted in any country of an offence of breach of trust or cheating or an abatement involving dishonestY, criminal mi attempto commit such offence. Date........ Signed INSURANCE REGULATIONS' 2OO5 FORM J Regulation 14 (1) APPLICATION FOR RENEWAL OF REGISTRATION INSURANCE BROKER, LOSS ADJUSTER OR INSURANCE AGENT From Name of applicant. Address to be 1. 2. ? State if broker, loss adjuster or agent.

The Central Bank of The Gambia' (Addpss) -- Dear Sir Licence/Certificate *o ".'....:" ""i' "' Date of exPiry *l/VVe ""' herebY aPPIY fo1th.9 renewal of the above *Licence/certificate for a further period of one Year' My/our"Licence/Certificatehasnotbeencance||edat any time bY the Bank' Yours faithfullY Signed Applicant Date......" DEGLARATION BY APPLICANT We .......... hereby declare that the p"tti.uf.tt made under *my/our application for ' i"gitti"iion made by *me/us is still applicable Date....,... Signed ..:...'..

46 DECLARATION OF. PRINCIPAL REGISTERED INSURER REPRESENTED We .......... herebY certilV inrti" itt" best of our knowledge and belief in" "nou" particulars are true and correct' Date........ Signed "delete where not aPPlicable INSURANGE REGULATIONS' 2OO5 FORM K Regulation 17(1) LIGENCE TO Agr AS INSURANCE AGENT UNDER THE'INSURANCE ACT, 2OO3 Agent's PhotograPh Agentls signature trre Central Bank of The Gambia hereby

Insurance Reguiations' 2905 47 certifies that (insert name of agent) having paid the prescribed fee and having made the necessary declaration is nerel:yau[f,oriseO to act as an Insurance Agent for a period of ond Yearfrom Given in Banjul ulnder the seal of the bant< this...... " day of Oentral Bank of The Gambia Date of issue Date of dxPiry PrinciPal insurer This licence shall be renewed annually oiii"iolo that the holder has not contravened ;;;; il;provisions of the Insurance Act, 2003 or Regulations rade under the Act. RENEWAL 2nd Year Date of renewal Date of exPiry Central Bank of The Gambia

Insurance nugulutiont' 209 nertewru￾3rd Year Date of renewal Date of exPiry RFew* Ath Year Date of renewal Date of exPiry c;;ili aank of rhe Gambia ': :." " c;;ili'6anr of The Gambia nEnEWnu 5th Year Date of renewal Date of exPiry c;;i;;iilk;iine cimuia REIUARKS

INSURANGE REGULATIONS. 2OO5 FORM L Regulation 18 CERTIFICATE OF REGISTRATION OF INSURANCE BROKER OR LOSS ADJUSTER The Central Bank of The Gambia hereby certifies that have been duly registered as ........"by the Bank under the terms of the lnsurance Act, 2003. Given in Banjul under the Seal of the Bank this .......... day of and......... Central Bank of The Gambia MADE this 7th day of October 2005 ALIEU NGUM SECRETARY OF STATE FOR FINANGE AND ECONOMIC AFFAIRS

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