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

(c)that the licensee:(i)(ii)must not conduct any more insurance business; andmust make arrangements satisfactory to the Commission to discharge itsinsurance-related obligations before the date specified in the notice; and(d)that the Commission will cancel the licence when it is satisfied that the licenseeno longer has any insurance-related obligations.(3) The Commission must provide the licensee with an opportunity to respond to the noticeof cancellation.(4) The Commission must consider the licensee’s response and may decide to cancel or notto cancel the licence.(5) The Commission must notify the licensee in writing of its decision.(6) The Commission must cancel a licence if a licensee’s insurance business has ceasedbecause of a merger or transfer to another licensee or if the licensee has been liquidated.(7) The Commission must publish notice of the cancellation in a newspaper circulating inVanuatu and in any other way it considers appropriate.29 Prohibition on using certain words or doing certain acts(1) Subject to subsection (2), a person other than a licensee must not use the word "insure"assure” "underwrite", “indemnity”, “guarantee” or “surety”, or a derivative of any ofthose words, in the title or description of his or her business.(2) The Commission may permit a specific business to use any of the words referred to insubsection (1).(3) When describing its business, a licensee must explicitly state whether it is a generalinsurer, life insurer, insurance manager, insurance agent, insurance broker, anindependent insurance salesperson or an insurance intermediary.(4) A licensee must not change its name without the prior approval of the Commission.30 Unlicensed person cannot conduct insurance business(1) A person must not carry on insurance business of any kind unless the person is licensedto carry on insurance business of that kind.(2) A person must not use a licence or a copy of a licence for business purposes if:30