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Off-Shore Insurance Act 1994 - Off-Shore Insurance Regulations 1994

NIUE

OFF-SHORE INSURANCE REGULATIONS 1994

At Cabinet Chambers at Alofi this 22nd day of March 1994

Present:
The Ministers of Cabinet

PURSUANT to the Off-Shore Insurance Act 1994 the Ministers of Cabinet hereby the following regulations.

REGULATIONS

1. Title and Commencement - (1) These regulations may be cited as the Off-Shore Insurance Regulations 1994.

(2) These regulations shall come into force on the ............ day of .......... 1994.

2. Interpretation – In these regulations, unless the context otherwise requires; -

"Monetary Board" or "Board" means the Board of the Niue Bank constituted by section 20 of the Niue Bank Act 1994.

"The Act" means the Off-Shore Insurance Act 1994.

3. Application Fee – Where an application is made to the Monetary Board for the off-shore insurance licence pursuant to section 5 of the Act, it shall be accompanied by a fee of $500.

4. Licence Fee – Upon the granting of an off-shore insurance licence, a licence fee of $5,000 shall be payable pursuant to section 15(1) of the Act.

5. Annual Licence Fee – An off-shore insurance licence will be renewed on the payment of an annual licence fee of $2,000 pursuant to section 15(2) of the Act.

6. Asset Backing – An applicant for, and a holder of, an off-shore insurance licence shall have a surplus of tangible assets over liabilities in the amount of $500,000 pursuant to section 16 of the Act.

7. Annual Report and Audit – The contents and form of audited accounts required to be submitted to the Board by a off-shore insurance licence holder shall be as prescribe in the Schedule to these regulations

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SCHEDULE

CONTENTS AND FORM OF AUDITED ACCOUNTS

1. Every balance sheet of a licensee shall give a true and fair view of the state of affairs of the licensee as at the end of the its financial year, and every profit and loss account of a licensee shall give a true and fair view of the profit or loss of the licensee for the financial year.

2. A licensee's balance sheet and profit and loss account shall comply with the requirements of the Eight Schedule of the Companies Act 1955 (New Zealand), so far as applicable thereto.

3. Save as expressly provided in the following provisions of this Schedule or in Part III of the said English Schedule, the requirements of paragraph 2 of this Schedule and the said Eight Schedule shall be without prejudice either to the general requirements of paragraph 1 of this Schedule or to any other requirements of these regulations.

4. Cabinet may, by Order in Cabinet, on the application or with the consent of the licensee's directors, modify in relation to that licensee any of the requirements of these regulations as to the matters to be stated in a licensee's balance sheet or profit and loss account (except the requirements of paragraph 1 of this Schedule).

5. Paragraph 1 and 2 of this Schedule shall not apply to a licensee's profit and loss account if –

(a) The licensee has subsidiaries; and

(b) The profit and loss account is framed as a consolidated profit and loss account dealing with all or any of the licensee's subsidiaries as well as the licensee and –

(i) complies with the requirements of the Eighth Schedule of the Companies Act 1955 (New Zealand) relating to consolidated profit and loss accounts; and

(ii) shows how much of the consolidated profit and loss for the financial year is dealt with in the accounts of the licensee.

6. For the purposes of this Schedule and the provisions of these regulations, except where the context otherwise requires –

(a) Any reference to a balance sheet or profit and loss account shall include any notes thereon or document annexed thereto giving information which is required by these regulations and is thereby allowed to be so given; and

(b) Any reference to a profit and loss account shall be taken, in the case of a licensee not trading for profit, as referring to its income and expenditure account, and references to a profit or to loss and, if the licensee has subsidiaries, references to a consolidated profit and loss account shall be construed accordingly.

7. Every balance sheet of a licensee shall be signed on behalf of the board of directors of the licensee by two directors of the licensee.

8. The profit and loss account and, so far as not incorporated in the balance sheet or profit and loss account, any group accounts shall be annexed to the balance sheet, and the auditors' report shall be attached thereto.

9. Any account so annexed shall be approved by the board of directors before the balance sheet is signed on their behalf.

10. There shall be attached to every balance sheet a report by the directors with respect to the state of the licensee's affairs.

11. The said report shall deal, so far as is material for the appreciation of the state of the licensee's affairs by its members and will not in the directors' opinion be harmful to the business of the licensee or any of its subsidiaries, with any change during the financial year in the nature of the licensee's business or in the licensee's subsidiaries, or in the class of business in which the licensee has an interest, whether as a member of another licensee or otherwise.

APPROVED by Cabinet at Cabinet Chambers, Fale Fono, Alofi, this 22nd day of March 1994.

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