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

More documents

Recommendations

Info

PART 14 – ANTI MONEY LAUNDERING AND COMBATING THEFINANCING OF TERRORISM88 Functions of the Commission in relation to Anti Money Laundering and Combatingthe Financing of Terrorism(1) The Commission must supervise insurers, insurance managers, and insuranceintermediaries to ensure that they comply with the Financial Transaction Reporting ActNo. 33 of 2000, and in particular that they:(a)(b)(c)(d)identify, verify and record customers and transactions; andreport suspicious transactions and cash transactions to the Financial IntelligenceUnit; andhave a compliance program; andtrain their employees to comply with the Financial Transaction Reporting Act No.33 of 2000.(2) The Commission must also notify the Financial Intelligence Unit if it becomes aware ofpossible incidents of money laundering or financing of terrorism.89 Suspicious Transaction ReportingAn insurer and an insurance intermediary must:(a)(b)(c)if they suspect a transaction may be involved in money laundering or financing terrorism,report the transaction to the Financial Intelligence Unit; andreport all cash transactions that exceed VT one million to the Financial Intelligence Unit;andsend a copy of the report to the Commission no later than three days after making thereport.90 Suspension or cancellation of licence for breach of the Financial TransactionReporting Act No. 33 of 2000Failure by an insurer or an insurance intermediary to comply with the requirements of theFinancial Transaction Reporting Act No. 33 of 2000 is a ground for suspension of the licenceunder section 25, or cancellation of the licence under section 27.64
PART 15 - ENFORCEMENT91 Civil remediesIf the Commission is satisfied on the basis of available information that a person has contravenedor failed to comply with a provision of this Act, or is likely to contravene or fail to comply with aprovision of this Act, the Commission may in writing:(a)(b)direct the person to stop committing the act or omission or refrain from doing so infuture; andrequire the person to take the remedial steps the Commission considers necessary torectify the consequences of the act or omission, including consequences that prejudicedor can prejudice a policyholder.92 Removal of appointees who are not fit and proper(1) The Commission may in writing require a licensee to terminate the appointment of aboard member, senior manager, officer, auditor or actuary of the licensee if:(a)(b)the person concerned is not fit and proper to hold the office concerned; orthe person potentially could be in a material conflict of interest situation bysimultaneously holding two positions.(2) A licensee must notify the Commission as soon as possible after the licensee becomesaware of circumstances that may be relevant to the fitness and propriety of a boardmember, senior manager, officer, auditor, actuary or key individual.(3) Before the Commission takes action under subsection (1), the Commission must givenotice to the licensee and, unless it is impracticable to do so, to the person concerned:(a)(b)giving details of the action that the Commission proposes to take, and the reasons;andstating that the licensee may make a submission to the Commission givingreasons as to why the person should not be removed.(4) The person named in the notice must cease to perform the functions of the office until thematter is finalised.(5) The Commission must consider the licensee’s submission and make a decision either torequire or not to require the person’s removal from the office.65
Page 1 and 2:
REPUBLIC OF VANUATUINSURANCE ACT NO
Page 3 and 4:
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 and 56: PART 10 - PREMIUM AND PAYMENT OF PR
Page 57 and 58: PART 11 - INSURANCE AGENTS, INSURAN
Page 59 and 60: (a)at all times be satisfied that a
Page 61 and 62: PART 12 - BUSINESS PRACTICE83 Insur
Page 63: (4) A person whose interests may be
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
show all

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

Create successful ePaper yourself

Delete template?

Save as template?