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

PART 3 – LICENCES14 Licence to conduct insurance business(1) A person must not act as an insurer or re-insurer unless the person possesses an insurerlicence issued by the Commission under this Act.(2) Subsection (1) does not require the re-insurer of a licensed insurer to be licensed if the reinsurerdoes not carry on other insurance business in or from Vanuatu.(3) An insurer must not carry on domestic business unless it is authorised to do so in itslicence.(4) An insurer:(a)(b)for a mutual company – must be limited by guarantee; andfor any other company - must be limited by shares and have its share capital paidin full.(5) For an insurer that is a protected cell company:(a)(b)(c)the company must be licensed; andeach cell that operates as an insurer must be authorised to do so by the licence;andthe company must not add an insurer cell without the approval of theCommission.(6) An international insurer must have its head office in Vanuatu or appoint a licensedinsurance manager in Vanuatu to represent the international insurer.(7) A captive insurer must appoint a licensed insurance manager in Vanuatu to represent thecaptive insurer.(8) A licence remains in force for one year and may be renewed on payment of theprescribed renewal fee.(9) Lloyd’s is exempted from the licensing requirements in this Act, if the supervisor in itshome country provides the Commission with free access, at all times, to all informationabout Lloyd’s business in Vanuatu.20