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

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commencement of this Act, make arrangements satisfactory to the Commission that havethe result that:(a)(b)the life insurer ceases to carry on general insurance business; andthe general insurer ceases to carry on life insurance business.(2) The insurer must during the next 12 months:(a)(b)ensure an orderly run-off of policies in the business it no longer carries on; orif approved by the Commission - transfer the policies to another licensed insurer.103 Appeals against decisions of the Commission.(1) A person aggrieved by a decision of the Commission may appeal to the Supreme Court.(2) An appeal must be made within a period of 28 days after the date of the notice of theCommission's decision.(3) The Supreme Court may:(a)(b)set aside the decision of the Commission and if the Supreme Court considers itappropriate to do so, refer the matter back to the Commission with any directionsthe Supreme Court thinks appropriate; orconfirm the decision, in whole or in part.104 Regulations(1) The Minister may make Regulations, not inconsistent with this Act, prescribing matters:(a)(b)required or permitted by this Act to be prescribed; ornecessary or convenient to be prescribed for carrying out or giving effect to thisAct.(2) Without limiting subsection (1), the Regulations may:(a)(b)limit the amount and the extent to which an insurer may invest in particular kindsof assets, specify how the limit is to be determined and define the kinds of assetsto which the limit applies;prohibit an insurer from giving consideration , or limiting the amount ofconsideration, to a person acting as insurance intermediary;72
(c)(d)(e)(f)(g)prohibit a person other than an insurer from giving any consideration to aninsurance intermediary, or prescribe the circumstances in which the person maygive consideration;set out the periods within which an insurer must issue policies or amendedpolicies;set out the matters an insurer must report to the Commission and when the reportmust be made;set out the solvency method to calculate the values of assets, liabilities and capitaladequacy requirement;set out the minimum requirements and frequency of the actuary’s report to theCommission;(h) provide that expressions with a particular meaning must not appear in a policy ,and that the expressions are void if they do appear;(i)(j)(k)(l)(m)(n)set out the information to be given to a prospective policyholder or policyholderand how the information is to be given, and the consequences if that is not done;set out when and how a policyholder may cancel a policy and the legalconsequences if he or she does that;provide that different arrangements may apply to different kinds of policies;make other provisions aiming to ensure that policies are entered into, given effectto and enforced in accordance with sound insurance principles and practice and inthe interests of the parties and the public generally;provide for penalties, not exceeding a fine of VT 50,000, for failing to complywith the Regulations; andprescribe forms to be used under this Act.105 Fees(1) The Minister may determine the fees payable by a licensee who is seeking a decision orthe performance of any other act by the Commission under this Act.(2) The fees are payable in the manner and at the time determined by the Minister.106 RepealThe Insurance Act [CAP 82] is repealed.73
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REPUBLIC OF VANUATUINSURANCE ACT NO
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PART 9 THE INSURANCE POLICY63 Summa
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Assent: 30/12/2005Commencement: 05/
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company limited by shares means a c
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inspector means a person appointed
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managing executive means the chief
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3 Marine Insurance ActThis Act does
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(a)(b)the information or documents
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(b)the ownership and control of the
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(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 and 64: (4) A person whose interests may be
Page 65 and 66: PART 15 - ENFORCEMENT91 Civil remed
Page 67 and 68: 94 The Commission’s powers to int
Page 69 and 70: 97 Penalty for failure to lodge ret
Page 71: PART 18 - TRANSITIONAL AND GENERAL
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