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

(3) The Commission must give the licensee a certified copy of the licence.20 Conditions of licence(1) A licence is subject to any condition the Commission imposes, having regard to:(a)(b)(c)(d)the information available to the Commission about the licensee and any of its keyindividuals; andthe products and services that the licensee could provide or intends to provide;andthe category of the licence; andany guidelines issued by the Commission.(2) A licence is also subject to the conditions set out in this section.(3) It is a condition of a licence that:(a)(b)the licensee obtain the Commission’s approval before replacing a key individual,or appointing a new key individual; and :the licensee must inform the Commission:(i)(ii)of any change in the information on which the licence was granted as soonas the licensee becomes aware of the change; andif there is a change in the personal circumstances of a key individual thatmay result in the key individual no longer meeting the fit and properrequirements of this Act.(4) The conditions the Commission may impose on an insurer include:(a)(b)(c)permitting the insurer to enter into only certain life or general policies determinedby the Commission; andpermitting the insurer to enter into certain life or general policies determined bythe Commission only if those policies contain, or do not contain, particular termsor conditions determined by the Commission; andlimiting the amount or value of the policy benefits to be provided by the insurer toan amount or value determined by the Commission; and24