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

(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The fees are payable in the manner and at the time determined by the Minister.106 RepealThe Insurance Act [CAP 82] is repealed.73