LIST OF INSURANCE COMPANIES LOGOS IN SOLOMOM ISLANDS
Solomon Islands Insurance – World Insurance Companies Logos. The pages of this website contain a wealth of vital information on all kinds of insurance matters. By clicking the logo of each Insurance company in the Solomon Islands, may immediately access to this updated information.
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List of Insurance Companies Logos and Names of in Solomon Islands
List of Insurance Companies Logos and Names in Solomon Islands. Watch the best insurance providers in Solomon Islands, based on cost, coverage, customer service and claims support. Locate the Insurance Company you trust.
List of Insurance Companies in the Solomon Islands
QBE Insurance Limited
Tower Insurance Limited
MAT Insurance Brokers Limited
Pacific Insurance Brokers Limited
Premiere Insurance Pacific Brokers Limited
United Risk Services Limited
Bred Bank Solomon
From Central Bank of Solomon Islands
REGISTRATION OF INSURERS
Only a body corporate can carry on insurance business
10.—(1) Save as otherwise provided in this Act, only a person who is a body corporate complying with the provisions of this section and is registered by the Controller shall, on or after the appointed date commence, transact or carry on any insurance business other than reinsurance business or insurance business exempted under section 11–
(2) Any person who commences, transacts or carries on any insurance business without having first been registered under the Act shall be guilty of an offence and shall be liable on conviction to a fine not exceeding five hundred dollars, and if the offence is a continuing one, to a further fine of fifty dollars for every day after the first during which the offence has continued.
(3) Any person who, without the permission of the Controller, directly or indirectly transacts any Solomon Islands business in Solomon Islands or abroad, with or through any insurer, agent or broker who has not been registered or otherwise exempted under this Act, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding five hundred dollars. For the purpose of this subsection “insurer” does not include a reinsurer or an insurer exempted under section 11.
(4) Nothing in this Act shall be deemed to prohibit or otherwise render unlawful the continuance of insurance business in Solomon Islands by an insurer in so far as it is necessary to maintain without renewal a policy or contract of insurance effected or renewed by that insurer before the appointed date. So long as any liability upon such policy or contract of insurance remains unpaid or undischarged this Act shall apply to such insurer unless the Controller specifically grants exemption therefrom or from any provisions thereof.
(5) For the avoidance of doubt, it is hereby declared that the continued payment of a premium in respect of any policy relating to long-term insurance business shall not constitute a renewal or revival of such policy or contract of insurance for the purpose of this section.
(6) Where a long-term insurance policy is in force on the appointed date and the insurer does not seek registration under this Act, such insurer may, with the consent of the insured–
(a) transfer or assign such policy to an insurer registered under this Act; or
(b) permit the policy to lapse or terminate the contract of insurance on the payment of any benefits due to the insured on the contract.
(7) Where an insurance policy is transferred or assigned under paragraph (a) of subsection (6), all rights and obligations existing under such policy shall after such transfer be deemed to be that of the insurer registered in accordance with the provisions of this Act.
(8) For the avoidance of doubt it is hereby declared that any transfer or assignment of policy or an agreement to permit the policy to lapse or terminate the policy under paragraphs (a) or (b) of subsection (6), shall not, in any way absolve the insurer from any liability that may exist on the policy or contract of insurance at the time of such transfer or termination.
(9) Where an insurance policy is transferred or assigned under paragraph (a) of subsection (6), the Controller may, by order direct that all or any of the provisions of Part VI of this Act shall subject to such modifications and adaptations as may be necessary apply to such transfer or assignment.
Minister may exempt certain class of insurance
11. Where the Minister is satisfied that–
(a) the existing facilities for a certain class of insurance business are inadequate or that such facilities are not available in Solomon Islands; or
(b) that it is in the public interest that a particular class of insurance be exempted;
he may subject to such terms and conditions as may be prescribed exempt such class of insurance from the provisions of this Act.
Qualification for registration
12. No person other than a body corporate shall apply to be registered under this Act unless–
(a) (i) it has been incorporated under the Companies Act and (not being a mutual association) had a paid-up capital of not less than such sum as may be prescribed; or
(ii) it has been registered under Part VII of the Companies Act and (not being a mutual association) has at the date of registration a paid-up capital equivalent in Solomon Islands currency of not less than such sum as may be prescribed; and
(b) being a mutual association (wheresoever incorporated) has assets in Solomon Islands the value of which is not less than such sum as may be prescribed.
Application for registration
13.—(1) Every application for registration under section 10 shall be in the prescribed form and shall be accompanied by the prescribed fee.
(2) The Controller may in writing require an applicant under this section to furnish him with such written information as he may require relating to the applicant or his insurance business and the Controller shall not proceed with the application until such information has been furnished to him.
(3) An applicant who makes a false statement in an application for registration, or in written information furnished under subsection (2) shall be guilty of an offence, and shall be liable on conviction to a fine not exceeding five hundred dollars.
Registration of applicants
14. Where the Controller is satisfied that–
(a) the volume of business which is likely to be available to and the earning prospects of an applicant are adequate;
(b) the class of insurance business in respect of which the application is made will be conducted in accordance with sound business principles;
(c) the financial standing and the general character of management of the applicant are sound;
(d) the qualifications of the principal officer are adequate and the powers and functions delegated to him are sufficient to ensure a prompt and efficient service;
(e) the margin of solvency of the applicant is adequate;
(f) the reinsurance arrangements of the applicant are adequate and otherwise satisfactory;
(g) it is otherwise in the public interest that the applicant should be registered in respect of the class or classes of insurance business specified in the application,
he may, subject to such terms and conditions as he may consider necessary, register the applicant in respect of such class of business as he shall direct:
Provided that the Controller shall not register any applicant if he is directed in writing by the Minister that such applicant should not be registered in the national interest.
Name of insurer
15. If the name of an insurer who has been registered is identical to a name by which another insurer has already been registered, or so nearly resembles it so as to deceive, the second registered insurer shall, if directed in writing to so by the Controller and subject to the Companies Act, change its name within a time to be specified in such direction.
From Central Bank of Solomon Islands
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