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

29 Prohibition on using certain words or doing certain acts30 Unlicensed person cannot conduct insurance businessPART 4 CAPITAL ADEQUACY31 Minimum capital32 Maintenance of financially sound condition33 Assets of an insurer34 Categories of assets35 Deeming provisions of assets36 Life insurer’s liabilities37 General insurer’s liabilities38 Prohibitions concerning assets and certain liabilities39 Failure to maintain financially sound condition40 Guarantee requirements for insurance intermediaries41 Returns to the CommissionPART 5 AUDITED STATEMENTS, AUDITORS AND ACTUARIES42 Financial year43 Appointment of auditor44 Auditor to give information to Commission45 Accounting and auditing requirements46 Appointment of actuary by insurer47 Appointment of auditor or actuary by Commission48 Life policy to be actuarially sound49 Audit, actuarial and risk management committeePART 6 SHARE CAPITAL AND SHAREHOLDING50 Shares and debentures51 Registration of shares in name of nominee52 Limitation on control and shareholdings or other interest in life or general insurers53 Providing information on shareholders54 Effect of registration of shares contrary to ActPART 7 DIRECTORS AND OFFICERS55 Duties of Directors and officers56 Avoiding conflict of interest57 Director not to avoid conflict of interest situations58 Situations where conflict of interest s not affecting approval of contract59 Insurer to notify Commission on appointments and terminationsPART 8 COMPLIANCE AND MAINTENANCE OF RECORDS60 Compliance officers and compliance arrangements61 Guidelines62 Maintenance of records2