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

(8) As soon as practicable after provisionally suspending a licence, the Commission must, inwriting, inform the licensee:(a)(b)(c)that the licence has been provisionally suspended; andof the grounds for the provisional suspension; andof the period of the provisional suspension.(9) The Commission must give the licensee a reasonable opportunity to respond to the noticeof provisional suspension.(10) The Commission must consider the licensee’s response and may decide to:(a)(b)revoke the provisional suspension; ormake the provisional suspension final.(11) The Commission must notify the licensee in writing of its decision.(12) The Commission must publish a notice of the suspension or provisional suspension in anewspaper circulating in Vanuatu and in any other way it considers appropriate.26 Revocation of the suspension of a licence(1) The Commission must revoke the suspension of a licence as soon as practicable after:(a)(b)the licensee has complied with the Commission’s requirements; orthe circumstances that led to the suspension have ceased to exist.(2) The Commission must publish a notice that the suspension has been revoked in anewspaper circulating in Vanuatu and in any other way it considers appropriate.27 Cancellation of a licence(1) The Commission may at any time, cancel a licence, if the Commission is satisfied on thebasis of facts and information available to the Commission, that the licensee:(a)(b)(c)when applying for the licence, did not make a full disclosure of all the relevantinformation to the Commission; orwhen applying for the licence, gave false or misleading information; orhas made a material misrepresentation to members of the public in connectionwith its business; or28