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

(a)at all times be satisfied that an independent insurance salesperson that promotes ormarkets its products:(i)(ii)(iii)is competent to present its insurance products; andcomplies with accepted principles for sales promotion; andwill not use intimidation methods or high pressure sales techniques; and(b)take all reasonable steps in the circumstances to ensure that theindependent insurance salesperson complies with this Act and other laws ofVanuatu on conducting business, and any applicable code of conduct.(3) The insurer must keep an up to date list of the independent insurance salespersons whopromote or market its insurance products.(4) The list must:(a)(b)contain each independent insurance salesperson’s name and business address; andstate the insurance products the salesperson is to promote or market.(5) The Commission may require information from the insurer to enable the Commission tomaintain and update the register of the insurance intermediaries.80 The Agreement between the insurer and the insurance intermediary(1) An insurer, or a person acting for an insurer, must not offer or give consideration to aninsurance intermediary for providing services as intermediary, other than in accordancewith this Act.(2) An insurer must not authorize an insurance intermediary to enter into an insurance policy,other than a reinsurance policy, on its behalf, unless the policy is covered by anagreement between the insurer and the insurance intermediary that:(a)(b)(c)sets out, the kinds of insurance policies that the intermediary may enter into, thepremiums or the basis for the calculation of premiums to be charged, the wordingsof those policies and the maximum value of the policy benefits that may beprovided under each kind of policy;sets out the scope of the intermediary’s powers to settle or pay claims under thepolicies and the circumstances where it may do so; andif the intermediary is entitled to be paid other than by way of commission - setsout the basis on which the intermediary is to be paid; and59