Regulations

(1) The Minister may make regulations for giving effect to this Act and, in particular, but without limiting the generality of the foregoing, such regulations may make provision in relation to all or any of the following– (a) the prescribing of anything required or permitted by this Act to be prescribed; 173 (b) the forms to be used in connection with any of the provisions of this Act; (c) the fees to be paid for licensing of a company, an association of underwriters, an agent, a sub- agent, a broker, and a collector for the purpose of carrying on insurance business, and the fees to be paid annually by the company, the association of underwriters, the agent, the sub- agent, the broker, and the collector licensed to carry on insurance business; and the time for payment of such fees; (d) submission of the statement in connection with or for the purpose of assessment of fee for initial licensing and annual licensing; (e) the matters in respect of which other fees shall be payable and the amount of such fees; (f) the matters in respect of which other fines shall be payable and the amount of such fines; (g) deposits by insurers; (h) the recovery of the expenses of any investigation under this Act; (i) the assignment of policies generally or by way of mortgage or upon trust; (j) the disposal and vesting of policy moneys which have remained unclaimed for the prescribed period; (k) the holding of examinations for brokers, agents, and sub-agents; 174 (l) amalgamations and transfers falling within (m) the registers to be kept for the purposes of this Act; (n) the establishment of insurance pools by (o) the and/or for insurance loss adjusters and insurance loss assessors; (oa) the prevention of the use of the insurance industry for money laundering and terrorist financing; and (p) providing, where there is no provision or not sufficient provision in this Act in respect of any matter or thing necessary to give effect to this Act, the manner or form in which the deficiency is to be supplied. (2) Any Regulations made under this Act may provide for the imposition of a fine not exceeding twenty thousand dollars or imprisonment for a term not exceeding twelve months for any contravention of any of the provisions of such Regulations. (3) Regulations made under this Act may contain such Incidental or supplementary provisions as appear to the Minister to be expedient for the purposes of the Regulations.