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

(b)(c)signed by the applicant; andgiven to the Commission.(2) The application must contain:(a)(b)(c)(d)a description of the business the applicant intends to conduct; andfor a body corporate – information on the background, competency, experienceand qualifications of the applicant’s significant owners, board members andsenior management, to assist the Commission to determine, whether each of themis a fit and proper person to lead the entity, in terms of personal character, such ashonesty and integrity and their competence to understand and be able to fulfill theresponsibilities imposed by this Act; anda copy of the applicant’s business plan projected for a minimum of three years,including, for an insurer -the classes of business, source of business, financialprojections, proposed capital, projected development of business and reinsurancearrangements; andfor an insurer - other than a captive insurer:(i)(ii)(iii)the applicant’s risk management systems, including internal controlsystems, information technology systems and the policies and proceduresadequate for the nature and scale of the proposed business; andinformation on the applicant’s reporting arrangements to its ownmanagement; andif the insurer is a subsidiary of a foreign company, a written statementfrom the applicant’s home supervisory authority about the applicant’sstatus; and(e)(f)information on contracts, with affiliates and outsourcing arrangements; andfor an insurance agent, the agency agreement with the insurance company.18 Additional information and consideration of a licence application(1) Before making a decision on an application for a licence, the Commission may requirethe applicant to give the Commission any additional information necessary to assist theCommission to make a decision on the application and may also require the applicant toverify that information.22