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

PART 2 – THE COMMISSION’S ADMINISTRATION OF THE ACT4 The objectives of insurance supervision(1) The object of this Act is to promote the maintenance of efficient, fair, safe and stableinsurance markets for the benefit and protection of policyholders.(2) In administering this Act and the Regulations, the Commission must take intoconsideration the object of this Act.5 Applications to the Commission(1) An application to the Commission must:(a)(b)be made in writing, using the form approved by the Commission; andbe accompanied by:(i)(ii)the prescribed fee; andthe information and documents that the Commission requires.(2) An approval, determination or decision by, or a notice given by, the Commission, mustbe made in writing and signed by the Commissioner.6 Powers of the Commission to obtain information and documents(1) The Commission may by notice direct a licensed insurer, insurance intermediary,insurance manager or compliance officer to provide to the Commission information ordocuments required by the Commission for the purposes of this Act.(2) If the Commission has power to require a licensee or compliance officer to give theCommission a document, the Commission may direct any person who appears to possessthe document to give the document to the Commission.(3) This section applies to a former licensee for a period of 6 years from the date on whichthe former licensee ceased to be a licensee.(4) The Commission may, by notice given to a person who is or is to be a director, partner,manager, employee or compliance officer of a licensee, require the person to give theCommission the information or documents that the Commission may reasonably requireto decide whether the person is a fit and proper person to occupy the particular positionthat he or she occupies or is to occupy.(5) A notice under this section must state:14