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

(6) The Commission must give the licensee and, where practicable, the person, written noticeof its decision.(7) The licensee and the person concerned may appeal to the court against the Commission’sdecision.(8) The person whose appointment has been terminated under this section can be barred bythe Commission from acting in responsible capacities for a licensee in the future.93 Undesirable practices(1) The Commission may declare a particular business practice to be undesirable and issue acease and desist order prohibiting all or some licensees from conducting the practice.(2) The Commission must consider the following principles in deciding whether to make acease and desist order:(a)that the practice, directly or indirectly, has or is likely to have the effect of:(i)(ii)(iii)(iv)harming the relations between an insurer, insurance intermediary,policyholder or the general public; orunreasonably prejudicing a policyholder; ordeceiving a policyholder; orunfairly affecting a policyholder, contrary to public interest; or(b)that if the practice is allowed to continue, one or more objects of this Act will, oris likely to, be defeated.(3) A licensee must not, on and after the date of the cease and desist order, carry on thebusiness practice named in the order.(4) The Commission may direct a licensee who, on or after the date of the cease and desistorder, carries on the business practice concerned in contravention of the order, to rectifyor reinstate to the satisfaction of the Commission any loss or damage caused by or arisingout of the carrying on of the business practice concerned.(5) A licensee who is directed to rectify or reinstate anything must do so within 60 days afterthe direction is issued.(6) A further breach of a cease and desist order by a licensee is grounds for the suspension orcancellation of the licence.66