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

More documents

Recommendations

Info

fund policy means an insurance policy that covers the liability of a fund toprovide benefits to its members under its rules, other than a policy that relatesexclusively to a particular member of the fund or to the surviving spouse, children,dependants or nominees of a particular member of the fund.general insurer means a person licensed to conduct general insurance business.general insurance business means the business of providing or undertaking toprovide policy benefits under general insurance policies or general reinsurancetreaties.general insurance policy means:(a)(b)a property policy, an engineering policy, a guarantee policy, a liability policy, aworkers compensation policy, an employers liability policy, a miscellaneouspolicy, a motor policy, an accident and health policy, a marine, aviation andtransportation policy or a policy that is a combination of any of those policies; anda contract that varies a policy mentioned in paragraph (a).general reinsurance policy means a reinsurance policy for a general insurance policy.guarantee policy means an insurance policy that covers the failure of a person todischarge an obligation.health event means an event relating to the health of the mind or body of a person.health policy means an insurance policy:(a)(b)(c)that covers a health event; andunder which benefits may be other than a stated sum of money; andunder which benefits may be given:(i)(ii)if a person has incurred expenses for a health service for the health event;anddirect to the provider of the health service.independent insurance salesperson means a person who solicits proposals forinsurance products and earns commissions for each successful sale, but is neither anemployee nor an agent of an insurer or an insurance intermediary.8
inspector means a person appointed by the Commission under section 10 toinvestigate and report to the Commission on a licensee.insurance agent means a person who, with the authority of an insurer and not beingan employee of the insurer, acts on behalf of the insurer in establishing an insurancepolicy, including receiving a proposal, issuing a policy, collecting premiums and settlingclaims.insurance broker means a person who acts on behalf of a prospective customer andwith the prospective customer’s authority arranges insurance business withinsurers, including making proposals and paying premiums.insurance intermediary means a person who renders intermediary service as aninsurance agent, insurance broker, or an independent insurance salesperson, andincludes an insurance consultant, a loss adjuster or an insurance surveyor, if theservice:(a)(b)requires judgment on the part of the latter person; ormay lead a customer to a specific transaction in respect of an insurance product.insurer means a general insurer and a life insurer.insurance manager means a person licensed to act as insurance manager of, orprovide managerial services for, external insurers and international insurers.insurance policy has the meaning given by section 2.insurance product means:(a)(b)(c)an insurance policy; andanother product similar in nature to an insurance policy declared by theCommission to be an insurance product for the purposes of this Act; andan insurance product issued by a external insurance provider and marketed inVanuatu that in nature and character is essentially similar, or corresponds to, aninsurance policy.international insurer means an insurance company that is incorporated inVanuatu but does not provide domestic insurance products in Vanuatu.9
Page 1 and 2: REPUBLIC OF VANUATUINSURANCE ACT NO
Page 3 and 4: PART 9 THE INSURANCE POLICY63 Summa
Page 5 and 6: Assent: 30/12/2005Commencement: 05/
Page 7: company limited by shares means a c
Page 11 and 12: managing executive means the chief
Page 13 and 14: 3 Marine Insurance ActThis Act does
Page 15 and 16: (a)(b)the information or documents
Page 17 and 18: (b)the ownership and control of the
Page 19 and 20: (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 and 72:
PART 18 - TRANSITIONAL AND GENERAL
Page 73 and 74:
(c)(d)(e)(f)(g)prohibit a person ot
show all

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?