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

(b)(c)consult with the insurer’s auditor and actuary; anddirect the insurer to adopt a course of action that the Commission is satisfied willreasonably ensure that the insurer complies with subsection 33 (1).(3) The Commission may, at any time after giving a direction under subsection (2), afterfurther consultation with the auditor and the actuary, direct the insurer to adopt anymodification to that course of action that the Commission considers appropriate in thecircumstances.(4) The Commission may apply to the Court for an order that the insurer be wound up if it isreasonably necessary in the interests of the policyholders:(a)(b)rather than giving a direction under subsection (2); orafter giving a direction under subsection (2), despite any steps already taken bythe Commission.40 Guarantee requirements for insurance intermediariesAn insurance intermediary must have professional indemnity insurance and other guaranteesspecified in writing by the Commission for the protection of policyholders and prospectivepolicyholders.41 Returns to the Commission(1) Every licensee must lodge with the Commission financial and non-financial returnsrelating to its business.(2) The returns must be:(a)(b)(c)in the form; andcontaining the information; andlodged with the Commission on or before the date,required by the Regulations.(3) If the Commission is satisfied that a return is incomplete or incorrect, it may, by notice:(a)direct the licensee to give the Commission, within the period stated in the notice,the additional information or documents stated in the notice, that the Commissionconsiders necessary to complete or correct the return; or36