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

94 The Commission’s powers to intervene(1) The Commission may take any of the following actions if it considers it necessary to doso in the interests of policyholders or of the public generally:(a)(b)(c)(d)(e)issue formal directions to a licensee to do particular things or to stop doingparticular things; andprohibit an insurer from issuing new policies; andrequire an insurer, that it considers to be failing, to transfer its obligations underits policies to another insurer that accepts this transfer; andrequire capital levels to be increased, restrict or suspend dividends or otherpayments to shareholders, restrict asset transfers and restrict an insurer’s purchaseof its own shares; andrestrict the ownership or activities of a licensee’s subsidiary if the Commission isof the opinion that the activities jeopardise the financial position of the licensee.(2) Failure to comply with a formal direction or requirement of the Commission is a groundfor suspending or canceling the licensee’s licence.67