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Insurants may conclude contracts with insurers about insuring third persons (the insured persons), which may obtain the rights and liabilities of the insurant according to the contract of insurance. (...) Article 9. Insurance Payment, Insurance Tariff Insurance payment (insurance contribution, insurance premium) is a payment for insurance to be effected by insurant to insurer under an insurance contract. (...) Article 10. Co-Insurance An object of Insurance may be insured under one insurance contract and, upon consent of insurant, by several insurers (co-insurance).
Language:English
Score: 687881.4 - https://www.wto.org/english/th..._e/ukr_e/WTACCUKR26_LEG_13.pdf
Data Source: un
This Law does not apply to social insurance, medical insurance, deposit insurance and other types of insurance not of a business nature which the State operates. (...) "Combined insurance" means an insurance product combining endowment insurance and death benefit insurance. 16. (...) "Non-life insurance" means the types of insurance products being property insurance, civil liability insurance and other insurance products which are not life insurance.
Language:English
Score: 687160.2 - https://www.wto.org/english/th...e/vnm_e/WTACCVNM16A1_LEG_1.pdf
Data Source: un
The present Law regulated relations in the sphere of insurance between insurance organizations and legal and natural persons as well as between insurance organizations proper, establishes basic principles of the state regulation of insurance activity. 2. (...) Article 5. Forms of Insurance 1. Insurance is provided in the form of either mandatory or voluntary insurance. (...) The policyholder may become liable under the mandatory insurance legislation to insure a third party. In voluntary insuring the policyholder may indicate a third party in the insurance contract as the insurant; in such a case the object of insurance will be the insurance and his/her associated interests (personal insurance) or the insurant’s property and its associated interests (property insurance). 3.
Language:English
Score: 687007.8 - https://www.wto.org/english/th..._e/geo_e/WTACCGEO4A1_LEG_9.pdf
Data Source: un
The objective of this Law is to regulate the activities of insurance companies and insurance brokers in order to ensure the stability, reliability, effectiveness and safety of the insurance system. 2. (...) Definitions As used in this Law: 1) insurance activity is the financial activity aimed at protecting the property interests of legal and natural persons when events defined in this Law or in a contract of insurance arise (insurance events), by using reserves and insurance technical provisions consisting of the contributions by the above persons (insurance contributions) and funds accruing when these are invested in accordance with procedures set out in this Law; 2) the insured is a person who has concluded a contract of insurance with an insurance company, or who is insured under the terms of this Law, and who is required to pay insurance contributions (premiums) and is entitled to an insurance payment after the happening of an insurance event; 2 3) the insurance company (the insurer) is a company that carries out insurance as well as activities associated with insurance, that obligates itself in the situations of insurance events provided for in contracts of insurance or, such as are listed in this Law, to pay insurance benefits to the insured; 4) the covered person is a natural person indicated and named by the insured in a contract of insurance to whom, in the situation of an insurance event during his/her lifetime, the insurance company must make an insurance payment; 5) the beneficiary is a person specified in a contract of insurance at the wish of the insured or the person named by the covered person, who shall acquire the right to receive an insurance benefit under the conditions established in the contract of insurance; 6) a third person is a person not specified by the insured in a contract of insurance but who, given the conditions specified in the insurance type regulations, acquires the right to receive an insurance benefit; 7) insurance type regulations are regulations of an individual type of insurance established by an insurance company under which an insurance company in possession of a State Insurance Supervisory Authority licence shall undertake voluntary insurance; 8) an insurance event is an occurrence specified in a contract of insurance or by this Law the happening of which entitles the insured, the covered person, the beneficiary and a third person to receive an insurance benefit; 9) the sum insured is the sum specified in a contract of insurance or by this Law by which economic interests are insured; 10) an insurance contribution (premium) is a mandatory payment specified in a contract of insurance or by this Law made by the insured for insurance protection; 11) an insurance benefit is a payment specified in the insurance type regulations which the insurance company, on the basis of official documents confirming an event, is obliged to pay to the insured, the covered person, the beneficiary and third persons when an insurance event, as specified in the relevant contract of insurance or by this Law, has happened; 12) an insurance certificate (policy) is an official document certifying that a contract of insurance has been concluded; 13) insurance risk is the likelihood of occurrence of an insurance event; 14) reinsurance is the transfer of a part of the risk assumed by insurance company to another insurance or reinsurance company; 15) the reinsured is an insurance company that has transferred a part of the risk assumed by it to another insurance or reinsurance company; 16) the reinsurer is an insurance or reinsurance company that has assumed a certain share of risk from another insurance company; 17) the insurance intermediary is an insurance agent and/or an insurance broker whose services insurance companies and the insured have a right to use; 18) the insurance agent is a legal person or an enterprise without the rights of legal person acting in the name, at the expense of an insurance company under a contract of agency and within the scope of authority vested in them; 19) the insurance broker is a legal entity ( a public or a private company) carrying out insurance brokering functions on behalf of an insurance company. (...) Parties to a Contract of Insurance 1. Parties to a contract of insurance shall be the insurance company and the insured. 2.
Language:English
Score: 686911.23 - https://www.wto.org/english/th...c_e/ltu_e/WTACCLTU47_LEG_1.pdf
Data Source: un
An insurer means an insurance company that concludes insurance contracts with the Insured and bears the liability to indemnify and/or to pay the insurance benefit. (...) The insurance company shall then issue the insurance policy attached with the insurance certificate to the insurance applicant. (...) Individual insurance shall include life insurance, health insurance and physical injury insurance.
Language:English
Score: 685450.54 - https://www.wto.org/english/th...e/khm_e/WTACCKHM3A3_LEG_51.pdf
Data Source: un
Article 3 Parties involved in an insurance contract Parties involved in an insurance contract include the insurer, the insured or insurant and the beneficiary (ies) The insurer is an enterprise authorized by the state to conduct insurance business. (...) Article 5 Forms of Insurance Companies An insurance enterprise is a juridical conducting insurance business or accumulation policies. (...) Public liability insurance: Public liability insurance covers public damage which the insurer must compensate or pay on behalf of the insured. 3.
Language:English
Score: 685271.8 - https://www.wto.org/english/th...e/lao_e/WTACCLAO3A1_LEG_41.pdf
Data Source: un
Insurers 2. Insured persons The insurers refer to insurance companies, agents and brokers. The insured refers to a person who enters into an insurance contract with an insurer. (...) Article 8: To enter into an insurance contract, the insured shall submit to the insurance company a proposal for insurance or directly come to make declaration at the insurance company or through the insurance agent.
Language:English
Score: 684314.94 - https://www.wto.org/english/th..._e/khm_e/WTACCKHM19_LEG_12.pdf
Data Source: un
Article 4. Insurance business is performed by insurance companies which include the following: joint stock insurance companies, mutual insurance companies, private insurance companies and public insurance companies. (...) Life insurance business shall include life insurance and old-age pension insurance. Non-life insurance business shall include: insurance of persons, industry insurance, comprehensive automobile insurance, automobile liability insurance, general liability insurance, crop insurance, livestock insurance, insurance of goods in transit - cargo insurance, hull insurance, liability insurance in transportation, credit insurance, legal protection insurance, accident insurance, and health insurance whereby occupational hazards and diseases are covered.
Language:English
Score: 683984.33 - https://www.wto.org/english/th...c_e/hrv_e/WTACCHRV29_LEG_2.pdf
Data Source: un
Microsoft Word - 4 d DRAFT LAW ON SUPERVISION OF INSURANCE unofficial translation Draft, January 2002 DRAFT LAW ON SUPERVISION OF INSURANCE SECTION I GENERAL PROVISIONS General provisions Article 1 This law shall govern the conditions for performing the activities of life and non-life insurance and reinsurance, insurance brokering activities, incorporation, operation, supervision and termination of activities of insurance and reinsurance trade undertakings (hereinafter: insurance undertakings), insurance brokerages and the National association of insurers. Right for insurance Article 2 Legal entities and natural persons performing certain activities, and citizens of the Republic of Macedonia shall be insured with insurance undertakings incorporated in accordance with this Law. (...) Classes of Insurance Article 5 For the purposes of main risks coverage insurance activities may be conducted within the following classes of insurance: 1.
Language:English
Score: 682143.07 - https://www.wto.org/english/th...c_e/mkd_e/WTACCMKD22_LEG_4.pdf
Data Source: un
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. (...) (a) enter into an agreement or understanding with another domestic or foreign insurance supervisor to share relevant supervisory information or to otherwise work together; and (b) exchange the following information with another domestic or foreign insurance supervisor: (i) relevant supervisory information; and (ii) relevant financial data about a supervised entity; and (iii) objective information on individuals holding positions of responsibility in a supervised entity. (3) Before exchanging or sharing information with another insurance supervisor, the Commission must take reasonable steps: (a) to ensure that any information given to another insurance supervisor will be treated as confidential by the receiving supervisor and will be used only for supervisory purposes; and (b) to be satisfied that the insurance supervisor receiving the information will consult with the Commission if it proposes to take action on the evidence of the information received from the Commission. 13 Confidentiality (1) Subject to subsection (2), the Commission may: (a) explain its policy objectives to the public; and (b) report on its activities and performance in pursuing its objectives; and (c) provide information to the public on insurers that have problems or have failed in their operations and the actions taken by the Commission to address these problems and failures. (2) Any information from which a person or entity can be identified, that is acquired by the Commission in the course of carrying out its functions, must not be publicly disclosed by the Commission or by its members, officers and staff. 19 (3) Information referred to in subsection (2) may only be disclosed publicly by the Commission, if either of the circumstances in subsection (4) applies and the disclosure appears to the Commission to be necessary: (a) to enable the Commission to carry out any of its functions; or (b) for the purposes of the investigation, prevention or detection of crime or with a view to the instigation of, or otherwise for the purposes of, any criminal proceedings; or (c) in connection with the discharge of any international obligation to which Vanuatu is subject.: (4) For the purposes of subsection (3), the circumstances are: (a) each person and entity that can be identified from that information consents to the public disclosure; or (b) the disclosure is expressly authorized or required by or under an Act relating to the Commission’s statutory functions. (5) Information referred to in subsection (2) must also be disclosed if required by an order of the Court. (6) A person must not without reasonable excuse disclose information, or cause or permit information to be disclosed, in contravention of this section. 20 PART 3 – LICENCES 14 Licence to conduct insurance business (1) A person must not act as an insurer or re-insurer unless the person possesses an insurer licence issued by the Commission under this Act. (2) Subsection (1) does not require the re-insurer of a licensed insurer to be licensed if the re- insurer does not carry on other insurance business in or from Vanuatu. (3) An insurer must not carry on domestic business unless it is authorised to do so in its licence. (4) An insurer: (a) for a mutual company – must be limited by guarantee; and (b) for any other company - must be limited by shares and have its share capital paid in full. (5) For an insurer that is a protected cell company: (a) the company must be licensed; and (b) each cell that operates as an insurer must be authorised to do so by the licence; and (c) the company must not add an insurer cell without the approval of the Commission. (6) An international insurer must have its head office in Vanuatu or appoint a licensed insurance manager in Vanuatu to represent the international insurer. (7) A captive insurer must appoint a licensed insurance manager in Vanuatu to represent the captive insurer. (8) A licence remains in force for one year and may be renewed on payment of the prescribed renewal fee. (9) Lloyd’s is exempted from the licensing requirements in this Act, if the supervisor in its home country provides the Commission with free access, at all times, to all information about Lloyd’s business in Vanuatu. 21 15 Domestic insurers to maintain assets (1) The Commission must not grant to an insurer, a licence to conduct domestic business, unless the insurer maintains at all times in Vanuatu, assets which are equal to its outstanding claims liabilities, in trust with a bank licensed by the Reserve Bank of Vanuatu. (2) The assets must be in the form of: (a) cash; or (b) securities approved by the Commission. (3) The Commission may take possession of the assets to pay the insurer’s claimholders if it determines that the insurer has ceased to pay its claims. 16 Licensing of insurance broker, insurance agent and independent insurance salesperson (1) A person must not sell insurance, offer insurance for sale or in other ways provide insurance services unless the person is licensed as: (a) an insurer; or (b) an insurance manager; or (c) an insurance agent; or (d) an insurance broker; or (e) an independent insurance salesperson; or (f) an insurance intermediary. (2) A licence under this Act must state the activity covered by the licence. (3) The holder of a licence may only carry on the activity covered by the licence. (4) An insurance agent, insurance broker or insurance salesperson can be a natural person, a partnership, a company limited by shares or a company limited by guarantee. 17 Application for licence (1) An application for a licence must be: (a) in the form approved by the Commission; and 22 (b) signed by the applicant; and (c) given to the Commission. (2) The application must contain: (a) a description of the business the applicant intends to conduct; and (b) for a body corporate – information on the background, competency, experience and qualifications of the applicant’s significant owners, board members and senior management, to assist the Commission to determine, whether each of them is a fit and proper person to lead the entity, in terms of personal character, such as honesty and integrity and their competence to understand and be able to fulfill the responsibilities imposed by this Act; and (c) a copy of the applicant’s business plan projected for a minimum of three years, including, for an insurer -the classes of business, source of business, financial projections, proposed capital, projected development of business and reinsurance arrangements; and (d) for an insurer - other than a captive insurer: (i) the applicant’s risk management systems, including internal control systems, information technology systems and the policies and procedures adequate for the nature and scale of the proposed business; and (ii) information on the applicant’s reporting arrangements to its own management; and (iii) if the insurer is a subsidiary of a foreign company, a written statement from the applicant’s home supervisory authority about the applicant’s status; and (e) information on contracts, with affiliates and outsourcing arrangements; and (f) for an insurance agent, the agency agreement with the insurance company. 18 Additional information and consideration of a licence application (1) Before making a decision on an application for a licence, the Commission may require the applicant to give the Commission any additional information necessary to assist the Commission to make a decision on the application and may also require the applicant to verify that information. 23 (2) In making a decision on an application, the Commission may take into consideration any other information about the applicant, whether obtained from another insurance supervisory authority or elsewhere. (3) Before considering an information referred to in subsection (2), the Commission must: (a) provide the information to the applicant; and (b) allow the applicant to respond to the information within a reasonable time. (4) After considering an application, the Commission must, within 90 days of receiving all additional information required under subsection (1): (a) grant the application on the condition that the applicant must take any necessary steps to comply with this Act and pay the prescribed fee; or (b) refuse the application. (5) If the Commission refuses an application, the Commission must: (a) inform the applicant in writing of the refusal; and (b) provide the applicant with the reasons as to why the Commission has refused the application; and (c) inform the applicant that he or she may appeal against the decision under section 102. 19 Licence (1) After the Commission has granted a licence to an applicant, the Commission must issue to the applicant a licence of the kind applied for within 14 days of being satisfied that the applicant is in a position to comply with this Act.. (2) A licence must: (a) be in the form approved by the Commission; and (b) state that the applicant is entitled to act as a domestic insurer, captive insurer, international insurer, insurance manager, insurance agent, insurance broker, independent insurance salesperson or other insurance intermediary, as the case requires; and (c) state whether the licensee may or may not conduct domestic insurance business. 24 (3) The Commission must give the licensee a certified copy of the licence. 20 Conditions of licence (1) A licence is subject to any condition the Commission imposes, having regard to: (a) the information available to the Commission about the licensee and any of its key individuals; and (b) the products and services that the licensee could provide or intends to provide; and (c) the category of the licence; and (d) any guidelines issued by the Commission. (2) A licence is also subject to the conditions set out in this section. (3) It is a condition of a licence that: (a) the licensee obtain the Commission’s approval before replacing a key individual, or appointing a new key individual; and : (b) the licensee must inform the Commission: (i) of any change in the information on which the licence was granted as soon as the licensee becomes aware of the change; and (ii) if there is a change in the personal circumstances of a key individual that may result in the key individual no longer meeting the fit and proper requirements of this Act. (4) The conditions the Commission may impose on an insurer include: (a) permitting the insurer to enter into only certain life or general policies determined by the Commission; and (b) permitting the insurer to enter into certain life or general policies determined by the Commission only if those policies contain, or do not contain, particular terms or conditions determined by the Commission; and (c) limiting the amount or value of the policy benefits to be provided by the insurer to an amount or value determined by the Commission; and 25 (d) limiting the amount of premium the insurer may receive, during a period determined by the Commission, for all or certain life or general policies determined by the Commission; and (e) requiring the insurer to enter into reinsurance policies to reinsure a portion determined by the Commission of the liabilities incurred by it for all or certain life or general policies determined by the Commission during a period determined by the Commission; and (f) any other conditions reasonably necessary to ensure that the insurer’s insurance business is carried on soundly and the insurer is able to meet its liabilities. 21 Variation and cancellation of conditions of a licence (1) The Commission may at any time after the issue of a licence: (a) cancel or vary a condition of a licence, on application by the licensee or on the Commission’s initiative; and (b) impose new conditions on the licence or vary an existing condition if the insurer appoints a new key individual, or there is a change in the personal circumstances of a key individual so that the key individual no longer satisfies the fit and proper person requirements of this Act. (2) Before varying the conditions of a licence, the Commission must: (a) inform the licensee about the variation; and (b) allow the licensee to make comments on the variation within a reasonable time; and (c) consider the licensee’s comments. 22 A licensee’s obligation (1) A licensee must: (a) maintain a principal office in Vanuatu where the licensee’s books and records are kept; and (b) ensure that all business documents, advertisements and other promotional material refer to the fact that the licensee is licensed; and (c) ensure that the licence is at all times available to a person asking for proof that the licensee is licensed. 26 (2) The Commission must approve a change of insurance manager by a licensee that is a company. 23 Reporting duties of an insurance manager (1) An insurance manager must give the Commission as soon as practicable, any information he or she may have that indicates that an insurer he or she manages: (a) is conducting business in a manner that exposes the insurer to a risk of insolvency; or (b) is not complying with this Act or the Regulations; or (c) has defaulted on a payment of any of its liabilities; or (d) is experiencing difficulties that may prejudice the interests of the policyholders or creditors of the company; or (e) is acting in a manner that may be detrimental to the interests of the policyholders or shareholders of the company; or (f) is subject to criminal investigations or proceedings in any country; or (g) is carrying on business that is not covered by its licence; or (h) has ceased to carry on business. (2) An insurance manager who ceases to manage an insurer must inform the Commission as soon as practicable. 24 Restriction on activities of insurer (1) A licensed insurer may conduct either general insurance business, or life insurance business, but may not conduct both general insurance business and both life insurance business. (2) A licensed insurer that is a re-insurer may provide either general reinsurance business, or life reinsurance business, but may not operate simultaneously, a general reinsurance business and life reinsurance. (3) A licensed insurer may only carry on the insurance business that it is authorized to carry on by its licence, unless in accordance with and subject to the conditions the Commission determines otherwise for: (a) a particular insurer; or 27 (b) insurers generally. 25 Suspension of a licence (1) The Commission may, subject to sub-section (2), at any time suspend a licence if it is satisfied, on the basis of available facts and information, that the licensee no longer meets the licensing requirements. (2) Before suspending a licence, the Commission must give the licensee notice in writing stating: (a) that the Commission intends to suspend the licence; and (b) the grounds for the suspension; and (c) the intended period of the suspension; and (d) any conditions to be attached to the suspension, as set out in subsection (3). (3) The conditions that may be attached to a suspension include: (a) a ban on accepting any new business by the licensee from the date of the suspension; and (b) for existing business - the measures the Commission determines necessary to protect the interests of customers of the licensee; and (c) what the licensee needs to do so that the suspension may be lifted. (4) The Commission must give the licensee a reasonable opportunity to respond to the notice of suspension. (5) The Commission must consider the licensee’s response and may decide to suspend or not to suspend the licence. (6) The Commission must notify the licensee in writing of its decision. (7) The Commission may provisionally suspend a licence without notice to the licensee if: (a) the Commission has reasonable grounds to consider that substantial prejudice to customers or the general public may occur; and (b) the circumstances are urgent. 28 (8) As soon as practicable after provisionally suspending a licence, the Commission must, in writing, inform the licensee: (a) that the licence has been provisionally suspended; and (b) of the grounds for the provisional suspension; and (c) of the period of the provisional suspension. (9) The Commission must give the licensee a reasonable opportunity to respond to the notice of provisional suspension. (10) The Commission must consider the licensee’s response and may decide to: (a) revoke the provisional suspension; or (b) make the provisional suspension final. (11) The Commission must notify the licensee in writing of its decision. (12) The Commission must publish a notice of the suspension or provisional suspension in a newspaper circulating in Vanuatu and in any other way it considers appropriate. 26 Revocation of the suspension of a licence (1) The Commission must revoke the suspension of a licence as soon as practicable after: (a) the licensee has complied with the Commission’s requirements; or (b) the circumstances that led to the suspension have ceased to exist. (2) The Commission must publish a notice that the suspension has been revoked in a newspaper circulating in Vanuatu and in any other way it considers appropriate. 27 Cancellation of a licence (1) The Commission may at any time, cancel a licence, if the Commission is satisfied on the basis of facts and information available to the Commission, that the licensee: (a) when applying for the licence, did not make a full disclosure of all the relevant information to the Commission; or (b) when applying for the licence, gave false or misleading information; or (c) has made a material misrepresentation to members of the public in connection with its business; or 29 (d) has failed to comply with a material condition of the licence; or (e) has contravened or failed to comply with a material provision of this Act. (2) Before canceling a licence, the Commission must give the licensee notice in writing stating: (a) that the Commission intends to cancel the licence; and (b) the grounds for the cancellation. (3) The Commission must give the licensee a reasonable opportunity to respond to the notice of cancellation. (4) The Commission must consider the licensee’s response and may decide to: (a) cancel or not cancel the licence; or (b) suspend the licence. (5) The Commission must notify the licensee in writing of its decision. (6) The Commission must publish a notice of the cancellation in a newspaper circulating in Vanuatu and in any other way it considers appropriate. 28 Failure to commence or continue a licensed business (1) The Commission may cancel a licence if the licensee: (a) fails to commence its business within 6 months after the licence is granted; or (b) has ceased to carry on its licensed business to an extent that does not justify the continuation of the licence; or (c) requests the Commission in writing to cancel the licence because the licensee intends to cease to carry on its licensed business. (2) Before canceling a licence on the grounds set out in paragraph (1)(a) or (1)(b), the Commission must give the licensee notice in writing stating: (a) that the Commission intends to cancel the licence; and (b) the grounds for the cancellation; and 30 (c) that the licensee: (i) must not conduct any more insurance business; and (ii) must make arrangements satisfactory to the Commission to discharge its insurance-related obligations before the date specified in the notice; and (d) that the Commission will cancel the licence when it is satisfied that the licensee no longer has any insurance-related obligations. (3) The Commission must provide the licensee with an opportunity to respond to the notice of cancellation. (4) The Commission must consider the licensee’s response and may decide to cancel or not to cancel the licence. (5) The Commission must notify the licensee in writing of its decision. (6) The Commission must cancel a licence if a licensee’s insurance business has ceased because of a merger or transfer to another licensee or if the licensee has been liquidated. (7) The Commission must publish notice of the cancellation in a newspaper circulating in Vanuatu and in any other way it considers appropriate. 29 Prohibition on using certain words or doing certain acts (1) Subject to subsection (2), a person other than a licensee must not use the word "insure "assure” "underwrite", “indemnity”, “guarantee” or “surety”, or a derivative of any of those words, in the title or description of his or her business. (2) The Commission may permit a specific business to use any of the words referred to in subsection (1). (3) When describing its business, a licensee must explicitly state whether it is a general insurer, life insurer, insurance manager, insurance agent, insurance broker, an independent insurance salesperson or an insurance intermediary. (4) A licensee must not change its name without the prior approval of the Commission. 30 Unlicensed person cannot conduct insurance business (1) A person must not carry on insurance business of any kind unless the person is licensed to carry on insurance business of that kind. (2) A person must not use a licence or a copy of a licence for business purposes if: 31 (a) the licence has lapsed or has been cancelled; or (b) the licence is suspended or provisionally suspended.
Language:English
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