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

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90 Suspension or cancellation of licence for breach of the Financial Transaction ReportingAct No. 33 of 2000PART 15 ENFORCMENT91 Civil remedies92 Removal of appointees who are not fit and proper93 Undesirable practices94 The Commission’s power to intervenePART 16 OFFENCES AND PENALTIES95 Offences by persons other than a licensee or compliance officer96 Offences by licensees and compliance officers97 Penalty for failure to lodge returns, etcPART 17 INSOLVENCY AND WINDING UP98 Voluntary winding-up and closure99 Winding –up by CourtPART 18 TRANSITIONAL AND GENERAL PROVISIONS100 Existing insurers101 First Financial year102 Existing insurers to separate life and general insurance business103 Appeals against decisions of the Commission104 Regulations105 Fees106 Repeal107 Commencement4
Assent: 30/12/2005Commencement: 05/06/2006REPUBLIC OF VANUATUINSURANCE ACT NO. 54 OF 2005An Act to provide for the licensing, regulation and supervision of insurance business and forrelated purposesBe it enacted by the President and Parliament as follows:PART I – PRELIMINARY1 Definitions(1) In this Act, unless the contrary intention appears:accident and health policy means an insurance policy:(a)(b)(c)that covers a disability event, a health event or a death event; andunder which benefits may be other than a stated sum of money; andunder which benefits may be given:(i)(ii)if a person has incurred expenses for a health service for the health event;anddirect to the provider of the health service.actuary means a person who is a member of:(a)(b)the Institute of Actuaries of Australia, or the equivalent body in New Zealand orthe United Kingdom; ora similar professional body approved by the Commission.associated party, for an insurer, means:5
Page 1 and 2: REPUBLIC OF VANUATUINSURANCE ACT NO
Page 3: PART 9 THE INSURANCE POLICY63 Summa
Page 7 and 8: company limited by shares means a c
Page 9 and 10: inspector means a person appointed
Page 11 and 12: managing executive means the chief
Page 13 and 14: 3 Marine Insurance ActThis Act does
Page 15 and 16: (a)(b)the information or documents
Page 17 and 18: (b)the ownership and control of the
Page 19 and 20: (3) Information referred to in subs
Page 21 and 22: 15 Domestic insurers to maintain as
Page 23 and 24: (2) In making a decision on an appl
Page 25 and 26: (d)(e)(f)limiting the amount of pre
Page 27 and 28: (b)insurers generally.25 Suspension
Page 29 and 30: (d)(e)has failed to comply with a m
Page 31 and 32: (a)(b)the licence has lapsed or has
Page 33 and 34: (2) The Commission may in writing a
Page 35 and 36: 38 Prohibitions concerning assets a
Page 37 and 38: (b)reject the return and require th
Page 39 and 40: 44 Auditor to give information to C
Page 41 and 42: (b)(c)whether the money and assets
Page 43 and 44: (3) The Commission may, at any time
Page 45 and 46: PART 6 - SHARE CAPITAL AND SHAREHOL
Page 47 and 48: PART 7 - DIRECTORS AND OFFICERS55 D
Page 49 and 50: (b)(c)a contract relating primarily
Page 51 and 52: PART 9 - THE INSURANCE POLICY63 Sum
Page 53 and 54: 68 Validity of an insurance policy(
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PART 10 - PREMIUM AND PAYMENT OF PR
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PART 11 - INSURANCE AGENTS, INSURAN
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(a)at all times be satisfied that a
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PART 12 - BUSINESS PRACTICE83 Insur
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(4) A person whose interests may be
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PART 15 - ENFORCEMENT91 Civil remed
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94 The Commission’s powers to int
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97 Penalty for failure to lodge ret
Page 71 and 72:
PART 18 - TRANSITIONAL AND GENERAL
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(c)(d)(e)(f)(g)prohibit a person ot
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