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

(a)(b)the information or documents the Commission requires; andthe date by which the information or documents must be given to theCommission.(6) The Commission may require the information or documents from a shareholder of alicensee that is a company if the Commission considers that it is desirable to do so toprotect the interests of the public or the policyholders, potential policyholders orcustomers of the licensee or the reputation of Vanuatu as a finance centre.7 On site inspections(1) The Commission may conduct on-site inspections at the premises occupied by a licensedinsurer, insurance intermediary, insurance manager or compliance officer at any timeduring normal business hours.(2) The Commission must give the licensed insurer, insurance intermediary, insurancemanager or compliance officer, reasonable notice of the inspection.(3) The entity that is being inspected must cooperate with the Commission by:(a)(b)giving the Commission all the information and documents it requires; andgiving the Commission, if possible, appropriate workspace and access to officeservices, such as a telephone, fax machine and copy machine during theinspection.(4) An on-site inspection may:(a)(b)occur for a period of one or several days; andoccur at any or all of the premises where the entity conducts business or keepsrecords.8 Variations to an advertisement, brochure or similar document(1) If an advertisement, brochure or similar document about the business of an insurer or aninsurance policy that is being, or is to be, published by a person is misleading or contraryto the public interest, or contains an incorrect statement of fact, the Commission may bynotice direct that person:(a)(b)not to publish or cease to publish, the advertisement, brochure or similardocument; orto vary the advertisement, brochure or similar document so that it is no longermisleading, contrary to the public interest or incorrect.15