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

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(b) the policy remains in force for the period provided under subsection (2) or (3);and(c)if the overdue premium is not paid by the end of the period provided in subsection(2) or (3), the policy is to be dealt with under section 75.(2) The period for which a policy remains in force is:(a) if there are to be two or more premium payments at intervals of one month or less- 15 days after the due date; and(b)if there are to be two or more premium payments at intervals of longer than onemonth – one month after the due date.(3) A period referred to in subsection (2) may be extended with the consent of the insurer andthe policy holder.(4) An insurer must make rules providing for the methods, for valuing an insurance policyand dealing with the policy for the purposes of this section and section 75.75 Consequences if premium remains unpaid(1) If the remaining value of a life policy, after meeting any claim of the insurer that issecured solely by the policy, is greater than half of the total premium payments due in the12 months after the due date of the unpaid premium, the insurer must:(a)inform the policyholder in writing of the remaining value, and that the policy willremain in force until:(i)(ii)(iii)(iv)the policy no longer has any remaining value; when it will lapse; orthe premium is paid; orthe policy is amended, so that it becomes a fully paid up policy; orif the policyholder so requests, the policy is surrendered, and theremaining value is paid to the policyholder; and(b)deal with the policy accordingly.(2) In any other case, the insurance policy lapses at the end of the period mentioned insubsection 74 (2).56
PART 11 – INSURANCE AGENTS, INSURANCE BROKERS ANDINDEPENDENT INSURANCE SALESPERSONS76 Insurance agents(1) An insurance agent must not:(a)(b)provide intermediary services for a person who is not a licensed insurer; oract for an insurer, unless the insurance agent can provide confirmation, certifiedby the insurer, to customers:(i)(ii)that a contract to act for the insurer exists; andthat the insurer accepts responsibility for those activities of the insuranceagent that are covered by the contract.(2) An insurer must:(a)(b)at all times be satisfied that an insurance agent that acts for the insurer, and keyindividuals of the insurance agent, are competent to act for the insurer; andtake all reasonable steps in the circumstances to ensure that theinsurance agent complies with this Act and other relevant laws of Vanuatu onconducting business, and any applicable code of conduct.(3) The insurer must keep an up to date list of insurance agents that act for the insurer, andkey individuals of the insurance agents.(4) The list must:(a)(b)contain each insurance agent's and key individual's name and business address;andstate the scope of the agent’s authority.(5) The Commission may require information from the insurer to enable the Commission tomaintain an up to date register of the insurance intermediaries and key individuals.57
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REPUBLIC OF VANUATUINSURANCE ACT NO
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PART 9 THE INSURANCE POLICY63 Summa
Page 5 and 6: Assent: 30/12/2005Commencement: 05/
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(
Page 55: PART 10 - PREMIUM AND PAYMENT OF PR
Page 59 and 60: (a)at all times be satisfied that a
Page 61 and 62: PART 12 - BUSINESS PRACTICE83 Insur
Page 63 and 64: (4) A person whose interests may be
Page 65 and 66: PART 15 - ENFORCEMENT91 Civil remed
Page 67 and 68: 94 The Commission’s powers to int
Page 69 and 70: 97 Penalty for failure to lodge ret
Page 71 and 72: PART 18 - TRANSITIONAL AND GENERAL
Page 73 and 74: (c)(d)(e)(f)(g)prohibit a person ot
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Insurance Act No.54 of 2005 - Vanuatu Financial Services ...

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