BVI insurer definition

BVI insurer means an insurer holding a licence in one of the following categories:
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BVI insurer means a BVI business company that holds an insurer’s licence;
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BVI insurer means a BVI business company that holds an insurer’s licence; “BVI licensee” means a licensee that is a BVI business company;
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Examples of BVI insurer in a sentence

  • Further provisions may be specified in (5) Any transaction to which a BVI insurer is a party which has the effect of transferring any part of the business of the insurer to another person or merging any part of the business of the insurer with the business of another person is void and of no legal effect unless effected under a scheme of transfer or merger approved by the Commission, or the Court, as the case may be.

  • Once a licence is granted to a BVI insurer, any change in the ownership structure of the BVI insurer that will cause the acquisition or disposal of a significant interest or controlling interest in the BVI insurer must be approved by the Commission.

  • Farmers are categorized as low-risk if Rp 0.12, while 0.12 < Rp 0.36 indicates medium-risk and Rp > 0.36 is high-risk.

  • Within this theoretical framework, liberal countries are characterized by a flexible labour market and highly valued general skills whereas coordinated market economies depict a more regulated labour market for instance.

  • A person identified to act as an auditor of a licensed BVI insurer, insurance manager or insurance intermediary must be qualified under the Regulatory Code, 2009 to act as an auditor and must consent to do so.

  • If an application is submitted to the Commission within the specified twenty-one (21) day period and the Commission assesses, based on the criteria outlined in paragraph 6.3.5 below, that the BVI insurer may require additional time to appoint a replacement director, and that such additional time is not against the public interest, the Commission may extend the application period for up to an additional twenty-one day (21) period.

  • This provision is intended to minimize the risk of loss to insureds or policyholders in the event that such a BVI insurer is unable to meet its liabilities.

  • If the BVI insurer is unable to appoint a replacement actuary within the two (2) month timeframe as specified in paragraph 6.7.3 above, an application for an extension of time within which to appoint the actuary may be made to the Commission by the BVI insurer.

  • A BVI insurer may apply to the Commission to be licensed as an SPC to carry out insurance business at the same time of submission of its application to be incorporated or registered as an SPC.

  • A BVI insurer is required to have at least two (2) directors at all times and these directors must be individuals.

Related to BVI insurer

  • Insurer means a person who insures or guarantees for the benefit of the mortgagee all or any portion of the risk of loss upon borrower default on any of the mortgage loans originated, purchased or serviced by the Company or any of its Subsidiaries, including the Federal Housing Administration, the United States Department of Veterans’ Affairs, the Rural Housing Service of the U.S. Department of Agriculture and any private mortgage insurer, and providers of hazard, title or other insurance with respect to such mortgage loans or the related collateral.

  • insurance agent means, subject to subsection (2), any person who for any compensation and through any medium does one or more of the following: