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

(a)for an individual:(i)(ii)(iii)(iv)(v)the person’s spouse, child, parent, stepchild or stepparent; anda spouse of a person mentioned in subparagraph (i); anda person who has entered into an agreement or arrangement with thatperson about acquiring, holding or disposing of, or exercising voting rightsin respect of, shares in the insurer; anda body corporate whose board of directors acts in accordance with the firstperson’s directions or instructions; anda trust controlled or administered by the first person; and(b)for a body corporate:(i)(ii)(iii)a subsidiary and a holding company; andanother body corporate whose board of directors acts in accordance withthe first body corporate’s directions or instructions; anda trust controlled or administered by the body corporate.auditor means a person who is:(a)(b)(c)a member of the Institute of Chartered Accountants in Australia or New Zealand,the Institute of Chartered Accountants in England & Wales or a Certified PublicAccountant in the United States of America; ora member of a body of accountants established in Vanuatu, or a similarbody in another country recognized by the Commission, and has qualificationssimilar to those mentioned in paragraph (a) and is experienced in auditinginsurance companies; orauthorised by the Commission to be appointed as an auditor because he or she hassimilar qualifications obtained elsewhere and is experienced in auditing insurancecompanies.captive insurance company means a company that predominately insuresinterests in its parent company or in companies that it is affiliated or associated with oris organized with in a group or agency relationship.6