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

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