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Microsoft Word - 43. Insurance Act No. 54 of 2005 1 REPUBLIC OF VANUATU INSURANCE ACT NO. 54 OF 2005 Arrangement of Sections PART 1 PRELIMINARY 1 Interpretation 2 Meaning of insurance policy 3 Marine Insurance Act PART 2 – THE COMMISSION’S ADMINISTRATION OF THE ACT 4 The objectives of insurance supervision 5 Applications to the Commission 6 Powers of the Commission to obtain information and documents 7 On site inspections 8 Variations to an advertisement, brochure or similar document 9 Policy classification 10 Appointment of Inspector 11 Investigation by inspectors 12 Exchange of information with other insurance supervisors 13 Confidentiality PART 3 LICENCES 14 Licence to conduct insurance business 15 Domestic insurers to maintain assets 16 Licensing of insurance broker, insurance agent and independent insurance salesperson 17 Application for licence 18 Additional information and consideration of a licence application 19 Licence 20 Conditions of licence 21 Variation and cancellation of conditions of a licence 22 A licensee’s obligation 23 Reporting duties of an insurance manager 24 Restriction on activities of insurer 25 Suspension of a licence 26 Revocation of the suspension of a licence 27 Cancellation of licence 28 Failure to commence or continue a licensed business 2 29 Prohibition on using certain words or doing certain acts 30 Unlicensed person cannot conduct insurance business PART 4 CAPITAL ADEQUACY 31 Minimum capital 32 Maintenance of financially sound condition 33 Assets of an insurer 34 Categories of assets 35 Deeming provisions of assets 36 Life insurer’s liabilities 37 General insurer’s liabilities 38 Prohibitions concerning assets and certain liabilities 39 Failure to maintain financially sound condition 40 Guarantee requirements for insurance intermediaries 41 Returns to the Commission PART 5 AUDITED STATEMENTS, AUDITORS AND ACTUARIES 42 Financial year 43 Appointment of auditor 44 Auditor to give information to Commission 45 Accounting and auditing requirements 46 Appointment of actuary by insurer 47 Appointment of auditor or actuary by Commission 48 Life policy to be actuarially sound 49 Audit, actuarial and risk management committee PART 6 SHARE CAPITAL AND SHAREHOLDING 50 Shares and debentures 51 Registration of shares in name of nominee 52 Limitation on control and shareholdings or other interest in life or general insurers 53 Providing information on shareholders 54 Effect of registration of shares contrary to Act PART 7 DIRECTORS AND OFFICERS 55 Duties of Directors and officers 56 Avoiding conflict of interest 57 Director not to avoid conflict of interest situations 58 Situations where conflict of interest s not affecting approval of contract 59 Insurer to notify Commission on appointments and terminations PART 8 COMPLIANCE AND MAINTENANCE OF RECORDS 60 Compliance officers and compliance arrangements 61 Guidelines 62 Maintenance of records 3 PART 9 THE INSURANCE POLICY 63 Summary, inspection and copy of policy 64 Governing law 65 Limitation on provisions of certain policies 66 Certain provisions of agreements relating to life or general policies to be void 67 Misrepresentation 68 Validity of an insurance policy 69 Protection of policy benefits under certain life policies 70 Partial realisation of protected policies PART 10 PREMIUM AND PAYMENT OF PREMIUM 71 Receipt for premium paid in cash and validity of policy 72 Collection of premiums by intermediaries 73 Policy suspended until payment of first premium 74 Failure to pay premiums 75 Consequences if a premium remains unpaid PART 11 INSURANCE AGENTS, INSURANCE BROKERS AND INDEPENDENT INSURANCE SALESPERSONS 76 Insurance agents 77 Disqualification of an insurance agent 78 Insurance broker 79 Independent insurance salesperson 80 The Agreement between the insurer and the insurance intermediary 81 Withdrawal of an independent insurance salesperson’s authority to act for the insurer 82 Personal liability of intermediaries PART 12 BUSINESS PRACTICE 83 Insurer’s and insurance intermediary’s duty of care PART 13 TRANSFERS, MERGERS AND ACQUISITIONS 84 Approval of Commission required for transfer, mergers and acquisitions 85 Application to Commission 86 Conditions of approval 87 Approved transaction PART 14 ANTI MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM 88 Functions of the Commission in relation to Anti Money Laundering and Combating the Financing of Terrorism 89 Suspicious transaction reporting 4 90 Suspension or cancellation of licence for breach of the Financial Transaction Reporting Act No. 33 of 2000 PART 15 ENFORCMENT 91 Civil remedies 92 Removal of appointees who are not fit and proper 93 Undesirable practices 94 The Commission’s power to intervene PART 16 OFFENCES AND PENALTIES 95 Offences by persons other than a licensee or compliance officer 96 Offences by licensees and compliance officers 97 Penalty for failure to lodge returns, etc PART 17 INSOLVENCY AND WINDING UP 98 Voluntary winding-up and closure 99 Winding –up by Court PART 18 TRANSITIONAL AND GENERAL PROVISIONS 100 Existing insurers 101 First Financial year 102 Existing insurers to separate life and general insurance business 103 Appeals against decisions of the Commission 104 Regulations 105 Fees 106 Repeal 107 Commencement 5 REPUBLIC OF VANUATU Assent: 30/12/2005 Commencement: 05/06/2006 INSURANCE ACT NO. 54 OF 2005 An Act to provide for the licensing, regulation and supervision of insurance business and for related purposes Be it enacted by the President and Parliament as follows: PART I – PRELIMINARY 1 Definitions (1) In this Act, unless the contrary intention appears: accident and health policy means an insurance policy: (a) that covers a disability event, a health event or a death event; and (b) under which benefits may be other than a stated sum of money; and (c) under which benefits may be given: (i) if a person has incurred expenses for a health service for the health event; and (ii) direct to the provider of the health service. actuary means a person who is a member of: (a) the Institute of Actuaries of Australia, or the equivalent body in New Zealand or the United Kingdom; or (b) a similar professional body approved by the Commission. associated party, for an insurer, means: 6 (a) for an individual: (i) the person’s spouse, child, parent, stepchild or stepparent; and (ii) a spouse of a person mentioned in subparagraph (i); and (iii) a person who has entered into an agreement or arrangement with that person about acquiring, holding or disposing of, or exercising voting rights in respect of, shares in the insurer; and (iv) a body corporate whose board of directors acts in accordance with the first person’s directions or instructions; and (v) a trust controlled or administered by the first person; and (b) for a body corporate: (i) a subsidiary and a holding company; and (ii) another body corporate whose board of directors acts in accordance with the first body corporate’s directions or instructions; and (iii) a trust controlled or administered by the body corporate. auditor means a person who is: (a) a member of the Institute of Chartered Accountants in Australia or New Zealand, the Institute of Chartered Accountants in England & Wales or a Certified Public Accountant in the United States of America; or (b) a member of a body of accountants established in Vanuatu, or a similar body in another country recognized by the Commission, and has qualifications similar to those mentioned in paragraph (a) and is experienced in auditing insurance companies; or (c) authorised by the Commission to be appointed as an auditor because he or she has similar qualifications obtained elsewhere and is experienced in auditing insurance companies. captive insurance company means a company that predominately insures interests in its parent company or in companies that it is affiliated or associated with or is organized with in a group or agency relationship. 7 company limited by shares means a company having the liability of its members limited by the memorandum to the amount, if any, unpaid on the shares they hold. company limited by guarantee means a company having the liabilities of its members limited by the memorandum to the amounts the members undertake to contribute to the assets of the company if it is wound up. Commission means the Vanuatu Financial Services Commission. death event means the life of a person ending. disability event means the functional ability of the mind or body of a person becoming impaired. disability policy means an insurance policy that covers a disability event. domestic business means an insurance policy insuring: (a) a person resident in Vanuatu at the date of the policy; or (b) property of any kind situated in Vanuatu. engineering policy means an insurance policy that covers: (a) the possession, use or ownership of machinery or equipment in carrying on a business, other than a motor vehicle required under a law of Vanuatu to have third party liability insurance; or (b) the erection of buildings or other structures or the undertaking of other works; or (c) the installation of machinery or equipment; or (d) machinery breakdown and boiler pressure plants. external insurer means an insurer incorporated outside Vanuatu that provides insurance services in Vanuatu. fund means: (a) a pension fund organisation; and (b) a permanent fund, established mainly to provide benefits to members in the event of sickness, accident or unemployment, or benefits to surviving spouses, children, dependants or nominees of deceased members. 8 fund policy means an insurance policy that covers the liability of a fund to provide benefits to its members under its rules, other than a policy that relates exclusively 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 to provide policy benefits under general insurance policies or general reinsurance treaties. general insurance policy means: (a) a property policy, an engineering policy, a guarantee policy, a liability policy, a workers compensation policy, an employers liability policy, a miscellaneous policy, a motor policy, an accident and health policy, a marine, aviation and transportation policy or a policy that is a combination of any of those policies; and (b) a 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 to discharge 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) that covers a health event; and (b) under which benefits may be other than a stated sum of money; and (c) under which benefits may be given: (i) if a person has incurred expenses for a health service for the health event; and (ii) direct to the provider of the health service. independent insurance salesperson means a person who solicits proposals for insurance products and earns commissions for each successful sale, but is neither an employee nor an agent of an insurer or an insurance intermediary. 9 inspector means a person appointed by the Commission under section 10 to investigate and report to the Commission on a licensee. insurance agent means a person who, with the authority of an insurer and not being an employee of the insurer, acts on behalf of the insurer in establishing an insurance policy, including receiving a proposal, issuing a policy, collecting premiums and settling claims. insurance broker means a person who acts on behalf of a prospective customer and with the prospective customer’s authority arranges insurance business with insurers, including making proposals and paying premiums. insurance intermediary means a person who renders intermediary service as an insurance agent, insurance broker, or an independent insurance salesperson, and includes an insurance consultant, a loss adjuster or an insurance surveyor, if the service: (a) requires judgment on the part of the latter person; or (b) may 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, or provide managerial services for, external insurers and international insurers. insurance policy has the meaning given by section 2. insurance product means: (a) an insurance policy; and (b) another product similar in nature to an insurance policy declared by the Commission to be an insurance product for the purposes of this Act; and (c) an insurance product issued by a external insurance provider and marketed in Vanuatu that in nature and character is essentially similar, or corresponds to, an insurance policy. international insurer means an insurance company that is incorporated in Vanuatu but does not provide domestic insurance products in Vanuatu. 10 key individual means a natural person responsible for managing or overseeing, either alone or with another, the activities of a licensee. licensed means licensed under this Act. licensee means a licensed general insurer, life insurer, insurance manager, insurance agent, insurance broker, independent insurance salesperson or a licensed insurance intermediary. life insured means the person to whose life, or to the functional ability or health of whose mind or body, a life policy relates. life insurance business means the business of providing or undertaking to provide policy benefits under life policies including an annuity for life or a period, a long-term disability policy, a fund policy, a long-term health policy, a sinking fund policy and a combination of any of those policies. life policy means an insurance policy on human life or that pays annuities on human life, and includes: (a) a policy under which the benefits are wholly or partly to be determined by reference to the value of, or the income from, property of any description or by reference to fluctuations in, or in an index of, the value of property of any description; and (b) an annuity for life or a period; and (c) a contract that varies a policy of that kind. linked liabilities means the policy liabilities of a general or life insurer that: (a) are not a guaranteed certain sum; and (b) are determined solely by reference to the value of particular assets or categories of assets that are specified in the policy and are actually held by or on behalf of the insurer specifically for the purposes of the policy. local insurer means a company incorporated in Vanuatu and providing insurance services inside or outside Vanuatu. Lloyd’s means the association of persons generally known as Lloyd’s and incorporated by the Lloyd’s Act of 1871 of the United Kingdom. 11 managing executive means the chief executive officer of an insurer or a manager of an insurer who reports directly to the Board of Directors. marine, aviation and transportation policy means an insurance policy that covers a risk relating to: (a) the possession, use or ownership of a vessel, aircraft or other craft; or (b) the conveyance of persons or goods by air, space, land or water; or (c) the storage, treatment or handling of goods so conveyed or to be so conveyed.
Language:English
Score: 806134.57 - https://www.wto.org/english/th..._e/vut_e/WTACCVUT14_LEG_43.pdf
Data Source: un
The insurance company shall then issue the insurance policy attached with the insurance certificate to the insurance applicant. (...) Article 15: The period of insurance contract is defined in the insurance policy. (...) Section 3 Individual Insurance Article 29: For individual insurance, the insured sum declared in the insurance policy is the maximum limit of the compensation amount payable under the policy.
Language:English
Score: 802886.47 - https://www.wto.org/english/th...e/khm_e/WTACCKHM3A3_LEG_51.pdf
Data Source: un
Microsoft Word - 44. Insurance (Amendment) Act No. 29 of 2009 Insurance (Amendment) Act No. 29 of 2009 1 REPUBLIC OF VANUATU INSURANCE (AMENDMENT) ACT NO. 29 OF 2009 Arrangement of Sections 1 Amendment ................................................................................................ 2 2 Commencement .......................................................................................... 2 Insurance (Amendment) Act No. 29 of 2009 2 REPUBLIC OF VANUATU Assent: 19/10/09 Commencement: INSURANCE (AMENDMENT) ACT NO. 29 OF 2009 An Act to amend the Insurance Act No. 54 of 2005. (...) SCHEDULE AMENDMENTS OF THE INSURANCE ACT NO. 54 OF 2005 Insurance (Amendment) Act No. 29 of 2009 3 SCHEDULE AMENDMENTS OF THE INSURANCE ACT NO. 54 OF 2005 1 Section 1 Insert the following definitions in their correct alphabetical positions: “Board means the Board of Directors of the Reserve Bank established under subsection 8(1) of the Reserve Bank Act [CAP 125]; captive insurance business means an insurance business carried on by a licensed insurer who is a company, for the purpose of predominately insuring interests : (a) in its parent company; or (b) in companies that it is affiliated or associated with; or (c) in companies organized within a group or agency relationship; or (d) in any other company as may be approved by the Reserve bank. captive insurer means a licensed insurer carrying on captive insurance business. captive policy means an insurance policy issued by a captive insurer. (...) SCHEDULE AMENDMENTS OF THE INSURANCE ACT NO. 54 OF 2005 Insurance (Amendment) Act No. 29 of 2009 4 2 Section 1 (definition of captive insurance company) Delete the definition, substitute “captive insurance company means a company carrying on captive insurance business.” 3 Section 1 (definition of Commission) Repeal the definition. 4 Section 1 (definition of domestic business) Delete the definition, substitute “domestic business means an insurance business which , whether the contract of insurance is made in Vanuatu or elsewhere, the subject matter of the contract is: (a) property that at the time of the making of the contract is in, or in transit to or from Vanuatu; or (b) the life, safety, fidelity or insurable interest of an individual who at the time of the making of the contract is ordinarily resident in Vanuatu; or (c) a risk of a company formed in Vanuatu that is not an exempted company within the meaning of the Companies Act [CAP 191].” 5 Section 1 (definition of external insurer) Delete “provides insurance services” substitute “is licensed to carry on insurance business” 6 Section 1 (definition of insurer) Delete the definition, substitute “insurer means a person carrying on insurance business.” 7 Section 1 (definition of local insurer) Delete “providing insurance services” substitute “carrying on insurance business” 8 Section 1 (definition of protected cell company) After “Act”, insert “No. 37 of 2005” 9 Subsection 5(1) After “Commission”(first occurring) insert “for a licence under this Act” 10 Subsection 5(2) Delete “and signed by the Commissioner” SCHEDULE AMENDMENTS OF THE INSURANCE ACT NO. 54 OF 2005 Insurance (Amendment) Act No. 29 of 2009 5 11 Paragraph 14(5)(c) Delete “.” substitute “; and” 12 After paragraph 14(5)(c) Add “(d) details of ownership and business plan for authorization of each cell in the company must be approved by the Board.” 13 Section 16 (heading) After “agent” insert “, insurance manager” 14 Subsection 16(4) After “agent,” insert “insurance manager,” 15 Subsection 24(1) After “insurer” insert “other than a captive insurer approved by the Board” 16 Subsection 31(1) Delete “set out in subsection (2) or the higher amount” 17 Subsection 31(2) Repeal the subsection. 18 After subsection 31(3) Add “(4) The capital may be in the currency of the country where the risk is located.” 19 Paragraphs 44(1)(a) and (c) After “insurer” insert“, insurance manager” 20 Section 74(heading) After “premiums” add “under life policy” 21 Subsection 74(1) Delete “an insurance”, substitute “a life” 22 Subsection 74(2) After “which a” insert “life “ SCHEDULE AMENDMENTS OF THE INSURANCE ACT NO. 54 OF 2005 Insurance (Amendment) Act No. 29 of 2009 6 23 Subsection 74 (4) Delete “an insurance”, substitute “a life” 24 After section 74 Insert “74A Failure to pay premium under general insurance policy (1) if a premium under a general insurance policy, other than a reinsurance policy or a captive policy, has not been paid on its due date, the cover under the policy lapses : (a) if the premium is payable on an annual basis or the policy period is longer than 12 months -30 days after the inception or as the case may be, the renewal, of the policy; and (b) if the premium is payable by installments at intervals of less than 12 months- 15days after the installment due date. (2) If a cover under an insurance policy lapses under subsection (1), the insurer may reinstate the policy upon payment of all the premium due.” 25 Subsection 75(2) Repeal the subsection. 26 Subsection 97(2) Delete “10 percent of the licence fee” substitute “VT 1,000” 27 After section 105 Insert “105A Transitional provision for certain persons employed by the Vanuatu Financial Services Commission (1) This section applies to a person who was employed at the Vanuatu Financial Services Commission as an officer in the insurance division of the supervision department of the Commission, immediately before the commencement of this Act. (2) The person’s employment with the Commission is terminated on the commencement of this Act and the person is entitled to receive a redundancy payment in accordance with paragraph 14.15 of the staff manual of the Commission, as if the person’s termination were a termination under that paragraph.
Language:English
Score: 797875.2 - https://www.wto.org/english/th..._e/vut_e/WTACCVUT14_LEG_44.pdf
Data Source: un
The AICG establishes, in consultation with users, non-binding standard wordings for use in aviation insurance policies. A-3 DCCD Doc. No. 12 Appendix A 3. (...) However, now that war third-party policy limits are being better managed by the insurance industry, this need not necessarily follow. (...) Property Damage Property owners/insurers pursuing aviation insureds through the courts for amounts in excess of total aviation insurance policy limits.
Language:English
Score: 790111.1 - https://www.icao.int/secretari...009/doc/DCCD_doc_12_rev_en.pdf
Data Source: un
Finally, it describes existing policy exclusions and new exclusions proposed by some aviation insurers. 1. (...) Third party – liability for death and bodily injury (BI) and property damage (PD) external to the aircraft. 2.3 War risks coverages ("war, hijacking and other perils" including terrorism) are: Hull – insured in a separate war risk insurance market. Passenger and third party – but only if added ("written back") to the principal liability policies by an extension clause known as AVN52. (...) Within the resources, or capacity, of the market. 4.2 Where risks, or elements of those risks, do not meet one or more of these criteria, insurers may seek to limit them, or exclude them from policies. 5.
Language:English
Score: 783792.97 - https://www.icao.int/Meetings/...%2035th%20Session/wp126_en.pdf
Data Source: un
The cover note is a document issued by the insurance company or agent. This document substitutes for the insurance policy or is an additional contract pending the issuance of the final insurance policy. (...) For other endorsement, the insured shall pay the insurance company only the defined policy cost. (...) Business Transaction: a. number of insurance policies issued to clients dividing into classes of business. b. inception date of each insurance policy. c. expiry date of each insurance policy. d. total sum insured. e. insurance premium rate. f. discount rate. 2.
Language:English
Score: 782958.2 - https://www.wto.org/english/th..._e/khm_e/WTACCKHM19_LEG_12.pdf
Data Source: un
Premiums are to be collected from each insured party to build a pool to meet claims under the policies. (...) It was agreed that this matter was a very important issue to be discussed under Agenda Item 2. 1.3 It was confirmed that cargo-only operations were insured under different policies, and that the typical premium was U.S.$100 per cycle. (...) PREMIUM 3.1 Premiums are to be collected from each Insured party to build-up a pool to meet claims under the policies.
Language:English
Score: 782555.7 - https://www.icao.int/secretari...egal/Meetings/sgwi2_report.pdf
Data Source: un
Fortunately, the Organization has robust coverage under two insurance policies: the builder’s’ risk insurance policy, with coverage of $100 million, for construction under the Capital Master Plan, and the Organization’s global property insurance policy, with coverage of $50 million, for buildings managed by the Office of Central Support Services. (...) This amount is comprised of a preliminary estimate of claims to be submitted under the builder’s risk policy of $87.9 million, a preliminary estimate of claims under the property policy of $61 million, and an estimated amount of $6 million for mitigation measures which are not covered under insurance. (...) The recent renewal of the Global Property Insurance policy reduced coverage in 2013 of only $20 million after the deductible (as compared to the previous coverage of $50 million).
Language:English
Score: 780530.96 - https://www.un.org/en/ga/fifth...20Est_Storm%20Sandy_USG_DM.pdf
Data Source: un
Social insurance Policy dialogue on the new Social Insurance Law The policy dialogue opens opportunities for key stakeholders to learn about the amended provisions in the new Social Insurance Law as well as to discuss the stumbling blocks encountered by employers and employees in their efforts to implement the policy effectively and to comply with the law. (...) ILO shares international experiences in reforming social security systems, explains the reasons behind the key amendments in the Social Insurance Law, thereby facilitate the understanding and consensus on the part of employers and employees. (...) Tags: social security, social security policy, social policy Regions and countries covered: Viet Nam Tools This content is available in tiếng Việt A A+ A++ Print Share this content in See also Project Strengthening the Performance of the Social Insurance System in Viet Nam through Improved Legislation and Legal Framework for Social Insurance (Phase 2) © 1996-2022 International Labour Organization (ILO) | Copyright and permissions  | Privacy policy | Fraud alert | Disclaimer   Skip to top
Language:English
Score: 780526.3 - https://www.ilo.org/hanoi/What...WCMS_497320/lang--en/index.htm
Data Source: un
Analysis of the reasons for insufficient social security coverage of platform workers (1) Social insurance policy factors lead to lack of protection or insufficient protection First, there are policy and regulatory gaps in work-related injury insurance and unemployment insurance. (...) The general public does not have a good understanding of social insurance policies, not only because of a lot of variations in China’s different regions regarding social insurance policies arising from regional segmentation, but also because proper policy dissemination is not in place. (...) Pension insurance and medical insurance have achieved full coverage institutionally, but there is a problem of insufficient protection in practice; there are policy gaps in industrial injury insurance and unemployment insurance.
Language:English
Score: 779894.3 - https://www.ilo.org/wcmsp5/gro...s/briefingnote/wcms_769026.pdf
Data Source: un