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

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12 Exchange of information with other supervisors(1) This section applies despite section 13.(2) The Commission may do all or any of the following acts:.(a)(b)enter into an agreement or understanding with another domestic or foreigninsurance supervisor to share relevant supervisory information or to otherwisework together; andexchange the following information with another domestic or foreign insurancesupervisor:(i)(ii)(iii)relevant supervisory information; andrelevant financial data about a supervised entity; andobjective information on individuals holding positions of responsibility ina supervised entity.(3) Before exchanging or sharing information with another insurance supervisor, theCommission must take reasonable steps:(a)(b)to ensure that any information given to another insurance supervisor will betreated as confidential by the receiving supervisor and will be used only forsupervisory purposes; andto be satisfied that the insurance supervisor receiving the information will consultwith the Commission if it proposes to take action on the evidence of theinformation received from the Commission.13 Confidentiality(1) Subject to subsection (2), the Commission may:(a)(b)(c)explain its policy objectives to the public; andreport on its activities and performance in pursuing its objectives; andprovide information to the public on insurers that have problems or have failed intheir operations and the actions taken by the Commission to address theseproblems and failures.(2) Any information from which a person or entity can be identified, that is acquired by theCommission in the course of carrying out its functions, must not be publicly disclosed bythe Commission or by its members, officers and staff.18
(3) Information referred to in subsection (2) may only be disclosed publicly by theCommission, if either of the circumstances in subsection (4) applies and the disclosureappears to the Commission to be necessary:(a)to enable the Commission to carry out any of its functions; or(b) for the purposes of the investigation, prevention or detection of crime or witha view to the instigation of, or otherwise for the purposes of, any criminalproceedings; or(c)in connection with the discharge of any international obligation to whichVanuatu is subject.:(4) For the purposes of subsection (3), the circumstances are:(a)(b)each person and entity that can be identified from that informationconsents to the public disclosure; orthe disclosure is expressly authorized or required by or under an Actrelating to the Commission’s statutory functions.(5) Information referred to in subsection (2) must also be disclosed if required by an order ofthe Court.(6) A person must not without reasonable excuse disclose information, or cause or permitinformation to be disclosed, in contravention of this section.19
Page 1 and 2: REPUBLIC OF VANUATUINSURANCE ACT NO
Page 3 and 4: PART 9 THE INSURANCE POLICY63 Summa
Page 5 and 6: Assent: 30/12/2005Commencement: 05/
Page 7 and 8: company limited by shares means a c
Page 9 and 10: inspector means a person appointed
Page 11 and 12: managing executive means the chief
Page 13 and 14: 3 Marine Insurance ActThis Act does
Page 15 and 16: (a)(b)the information or documents
Page 17: (b)the ownership and control of the
Page 21 and 22: 15 Domestic insurers to maintain as
Page 23 and 24: (2) In making a decision on an appl
Page 25 and 26: (d)(e)(f)limiting the amount of pre
Page 27 and 28: (b)insurers generally.25 Suspension
Page 29 and 30: (d)(e)has failed to comply with a m
Page 31 and 32: (a)(b)the licence has lapsed or has
Page 33 and 34: (2) The Commission may in writing a
Page 35 and 36: 38 Prohibitions concerning assets a
Page 37 and 38: (b)reject the return and require th
Page 39 and 40: 44 Auditor to give information to C
Page 41 and 42: (b)(c)whether the money and assets
Page 43 and 44: (3) The Commission may, at any time
Page 45 and 46: PART 6 - SHARE CAPITAL AND SHAREHOL
Page 47 and 48: PART 7 - DIRECTORS AND OFFICERS55 D
Page 49 and 50: (b)(c)a contract relating primarily
Page 51 and 52: PART 9 - THE INSURANCE POLICY63 Sum
Page 53 and 54: 68 Validity of an insurance policy(
Page 55 and 56: PART 10 - PREMIUM AND PAYMENT OF PR
Page 57 and 58: PART 11 - INSURANCE AGENTS, INSURAN
Page 59 and 60: (a)at all times be satisfied that a
Page 61 and 62: PART 12 - BUSINESS PRACTICE83 Insur
Page 63 and 64: (4) A person whose interests may be
Page 65 and 66: PART 15 - ENFORCEMENT91 Civil remed
Page 67 and 68: 94 The Commission’s powers to int
Page 69 and 70:
97 Penalty for failure to lodge ret
Page 71 and 72:
PART 18 - TRANSITIONAL AND GENERAL
Page 73 and 74:
(c)(d)(e)(f)(g)prohibit a person ot
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