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

15 Domestic insurers to maintain assets(1) The Commission must not grant to an insurer, a licence to conduct domestic business,unless the insurer maintains at all times in Vanuatu, assets which are equal to itsoutstanding claims liabilities, in trust with a bank licensed by the Reserve Bank ofVanuatu.(2) The assets must be in the form of:(a)(b)cash; orsecurities approved by the Commission.(3) The Commission may take possession of the assets to pay the insurer’s claimholders if itdetermines that the insurer has ceased to pay its claims.16 Licensing of insurance broker, insurance agent and independent insurancesalesperson(1) A person must not sell insurance, offer insurance for sale or in other ways provideinsurance services unless the person is licensed as:(a)(b)(c)(d)(e)(f)an insurer; oran insurance manager; oran insurance agent; oran insurance broker; oran independent insurance salesperson; oran insurance intermediary.(2) A licence under this Act must state the activity covered by the licence.(3) The holder of a licence may only carry on the activity covered by the licence.(4) An insurance agent, insurance broker or insurance salesperson can be a natural person, apartnership, a company limited by shares or a company limited by guarantee.17 Application for licence(1) An application for a licence must be:(a)in the form approved by the Commission; and21