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

(2) In making a decision on an application, the Commission may take into consideration anyother information about the applicant, whether obtained from another insurancesupervisory authority or elsewhere.(3) Before considering an information referred to in subsection (2), the Commission must:(a)(b)provide the information to the applicant; andallow the applicant to respond to the information within a reasonable time.(4) After considering an application, the Commission must, within 90 days of receiving alladditional information required under subsection (1):(a)(b)grant the application on the condition that the applicant must take any necessarysteps to comply with this Act and pay the prescribed fee; orrefuse the application.(5) If the Commission refuses an application, the Commission must:(a)(b)(c)inform the applicant in writing of the refusal; andprovide the applicant with the reasons as to why the Commission has refused theapplication; andinform the applicant that he or she may appeal against the decision under section102.19 Licence(1) After the Commission has granted a licence to an applicant, the Commission must issueto the applicant a licence of the kind applied for within 14 days of being satisfied that theapplicant is in a position to comply with this Act..(2) A licence must:(a)(b)(c)be in the form approved by the Commission; andstate that the applicant is entitled to act as a domestic insurer, captiveinsurer, international insurer, insurance manager, insurance agent, insurancebroker, independent insurance salesperson or other insurance intermediary, as thecase requires; andstate whether the licensee may or may not conduct domestic insurance business.23