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

52 Limitation on control and shareholdings or other interest in life or generalinsurers(1) A person must not, without the Commission’s approval, acquire or hold shares or anyother interest in an insurer which results in that person becoming a significant owner ofthe insurer.(2) A person who is or in the process of becoming a significant owner must apply forapproval by the Commission for the acquisition, or transfer of ownership.(3) An insurer must inform the Commission of an acquisition or transfer of ownership thatresults in a person becoming a significant owner.53 Providing information on shareholders(1) An insurer must, whenever required to do so by the Commission:(a)(b)give the Commission a return, setting out details of its shareholders and of anyperson who directly or indirectly has the power to require those shareholdersto exercise their rights as shareholders in the insurer in accordance with thatperson's directions or instructions; andgive the Commission information on any person who, in the Commission’sopinion, may directly or indirectly influence the insurer’s decisions.(2) A person in whose name shares in an insurer are registered, or who proposes to haveshares in an insurer allotted or issued, or to be registered as shareholder, and anyoneacting for the person, must, upon the written request of the insurer, give it the informationit needs to comply with subsection (1).54 Effect of registration of shares contrary to Act(1) If a share in an insurer is allotted or issued to a person or registered in the person’s name,contrary to this Act, the person must not:(a)(b)either personally or by proxy cast a vote attached to the share; orreceive a dividend payable on the share.(2) The validity of a resolution passed by a life or general insurer is not affected by a votebeing cast contrary to paragraph (1)(a).(3) A dividend referred to in paragraph (1)(b) is void.46