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

(b)the ownership and control of the licensee, if the licensee is a company.(2) An inspector may also investigate the business of a person who is, or has at any relevanttime been, an associated party of the licensee under investigation, if it is necessary to doso for the purposes of that investigation.(3) An inspector may not investigate the business of a person unless the Commission hasinformed the person in writing about the proposed investigation.(4) A licensee or party being investigated, and a person who is or has been a director,partner, manager, employee, compliance officer or agent of a licensee or party beinginvestigated, or a person who is or has been a shareholder in the licensee or party, must:(a)(b)(c)produce to an inspector, when and where the inspector requires, all documents inthe person’s custody or power relating to that licensee or party; andappear before the inspector, when and where the inspector requires, and answerthe questions put by the inspector about the licensee or party; andprovide the inspector with all other assistance required in connection with theinvestigation that the person is reasonably able to provide.(5) The inspector may take copies of or extracts from any documents produced to him or herunder paragraph (4)(a).(6) A person must not, without reasonable excuse:(a)(b)(c)obstruct an inspector; orfail to comply with a request made by an inspector to the person in accordancewith this Act; orfail to provide all reasonable assistance to an inspector in exercising or purportingto exercise a right conferred on the inspector by this section.(7) The costs and expenses of an investigation and report are payable by the licensee beinginvestigated and may be recovered by the Commission as a debt due to the Commission.(8) This section applies to a former licensee that is a company as it applies to a licensee, butonly in connection with the business, ownership or control of the former licensee whilehe or she was a licensee.17