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

PART 8 – COMPLIANCE AND MAINTENANCE OF RECORDS60 Compliance officers and compliance arrangements(1) A licensed insurer or insurance manager must nominate a compliance officer to monitorcompliance with this Act and to take responsibility for liaison with the Commission.(2) The compliance officer must have suitable qualifications and experience as determinedby the Commission.(3) Subsections 43(5) and (6) apply to a compliance officer as they apply to an auditor.(4) A compliance officer must be approved by the Commission.(5) A licensee must establish and maintain procedures to be followed by the complianceofficer to ensure compliance with this Act.(6) A compliance officer or in his or her absence the licensee must give the Commission thereports required by this Act.61 Guidelines(1) The Commission may issue written guidelines setting out the procedures to be followedto comply with this Act.(2) A licensee who complies with the guidelines is taken to have complied with this Act.(3) The Commission must make copies of the guidelines available to members of the public.62 Maintenance of records(1) A licensee must, except to the extent exempted by the Commission, maintain records of:(a)(b)(c)(d)(e)(f)the identity of policyholders, after the policy has come to an end; anddetails of policies held; andcancellations of policies by policyholders; andcomplaints received, with an indication whether or not the complaint has beenresolved; andthe continued compliance with the requirements of section 4; andcases of non-compliance with this Act, and the reasons for the non-compliance.(2) The records must be kept for at least 6 years.50