Insurance Act No.54 of 2005 - Vanuatu Financial Services ...

key individual means a natural person responsible for managing or overseeing, eitheralone or with another, the activities of a licensee.licensed means licensed under this Act.licensee means a licensed general insurer, life insurer, insurance manager, insuranceagent, insurance broker, independent insurance salesperson or a licensed insuranceintermediary.life insured means the person to whose life, or to the functional ability or health ofwhose mind or body, a life policy relates.life insurance business means the business of providing or undertaking toprovide policy benefits under life policies including an annuity for life or a period,a long-term disability policy, a fund policy, a long-term health policy, a sinking fundpolicy and a combination of any of those policies.life policy means an insurance policy on human life or that pays annuities on humanlife, and includes:(a)(b)(c)a policy under which the benefits are wholly or partly to be determined byreference to the value of, or the income from, property of any description or byreference to fluctuations in, or in an index of, the value of property of anydescription; andan annuity for life or a period; anda contract that varies a policy of that kind.linked liabilities means the policy liabilities of a general or life insurer that:(a)(b)are not a guaranteed certain sum; andare determined solely by reference to the value of particular assets or categories ofassets that are specified in the policy and are actually held by or on behalf of theinsurer specifically for the purposes of the policy.local insurer means a company incorporated in Vanuatu and providing insuranceservices inside or outside Vanuatu.Lloyd’s means the association of persons generally known as Lloyd’s and incorporatedby the Lloyd’s Act of 1871 of the United Kingdom.10