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{\nofchars114713}{\*\company scims}{\nofcharsws134568}{\vern24689}}\paperw11907\paperh16840\margl1213\margr1213\margt1213\margb1213 \widowctrl\ftnbj\aenddoc\noxlattoyen\expshrtn\noultrlspc\dntblnsbdb\nospaceforul\subfontbysize\hyphcaps0\formshade\horzdoc\dghspace120\dgvspace120\dghorigin1701\dgvorigin1984\dghshow0\dgvshow3 \jcompress\viewkind4\viewscale150\pgbrdrhead\pgbrdrfoot\nolnhtadjtbl\rsidroot2712765 \fet0\sectd \psz9\linex0\sectdefaultcl\sectrsid4284746\sftnbj {\*\pnseclvl1\pnucrm\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl2 \pnucltr\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl3\pndec\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl4\pnlcltr\pnstart1\pnindent720\pnhang {\pntxta )}}{\*\pnseclvl5\pndec\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl6 \pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl7\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl8\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl9\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}\pard\plain \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7081013 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid14025036\charrsid3080989 COOK ISLANDS}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid14025036 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14025036 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid6372748\charrsid3080989 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14025036 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid14025036\charrsid3080989 INSURANCE ACT 2008 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14025036 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14025036 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 ANALYSIS}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid14025036 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13713773 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4156513\charrsid4156513 PART 1}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13713773\charrsid13713773 }{ \b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13713773\charrsid4156513 PRELIMINARY \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid6372748 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4156513\charrsid9911728 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid4156513 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid4156513\charrsid4156513 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid4156513\charrsid9911728 Short title and commencement}{\fs24\lang2057\langfe1033\langnp2057\insrsid4156513 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7734803\charrsid9911728 2.}{\fs24\lang2057\langfe1033\langnp2057\insrsid7734803\charrsid7734803 }{\fs24\lang2057\langfe1033\langnp2057\insrsid7734803\charrsid9911728 Interpretation}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4156513 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4927266 3. Meaning and classifications of insurance business}{\fs24\lang2057\langfe1033\langnp2057\insrsid4156513 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4927266 4. Meaning of }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid4927266 director}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4156513 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3162856 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4927266\charrsid6510088 PART 2}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1641556\charrsid6510088 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid3162856\charrsid6510088 REGULATION AND OF SUPERVISION INSURANCE BUSINESS \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2835874 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid6777645\charrsid6510088 Unlicensed Insurance Business}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12655959 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid6777645\charrsid9911728 5.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6777645 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6777645\charrsid9911728 Prohibition on unlicensed insurance}{\fs24\lang2057\langfe1033\langnp2057\insrsid13451872 }{\fs24\lang2057\langfe1033\langnp2057\insrsid13451872\charrsid9911728 business}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12655959 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12802475 6. }{\fs24\lang2057\langfe1033\langnp2057\insrsid12802475\charrsid9911728 Prohibition on dealings with}{\fs24\lang2057\langfe1033\langnp2057\insrsid12802475 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12802475\charrsid9911728 unlicensed insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid4156513 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13901402 7. }{\fs24\lang2057\langfe1033\langnp2057\insrsid13901402\charrsid9911728 Exemption where insufficient}{\fs24\lang2057\langfe1033\langnp2057\insrsid8609230 market capacity}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13901402 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2835874 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13901402\charrsid2835874 Licensing of Insurers and Approval of External Insurers \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13901402 {\fs24\lang2057\langfe1033\langnp2057\insrsid13901402\charrsid13901402 8}{\fs24\lang2057\langfe1033\langnp2057\insrsid13901402 . }{ \fs24\lang2057\langfe1033\langnp2057\insrsid13901402\charrsid9911728 Categories of, and restrictions on,}{\fs24\lang2057\langfe1033\langnp2057\insrsid13901402 }{\fs24\lang2057\langfe1033\langnp2057\insrsid13901402\charrsid9911728 licences}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid13901402 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid8609230 9. Application for licence}{\fs24\lang2057\langfe1033\langnp2057\insrsid13575878 \par 10. Issuance of licence}{\fs24\lang2057\langfe1033\langnp2057\insrsid13575878\charrsid13901402 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1473667 11. Approval of external insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid13901402 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1473667 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid8609230 2. Form of licence and approval}{\fs24\lang2057\langfe1033\langnp2057\insrsid1473667 \par 13. Refus}{\fs24\lang2057\langfe1033\langnp2057\insrsid8609230 al to issue licence or approval}{\fs24\lang2057\langfe1033\langnp2057\insrsid1473667 \par 14. Determination of application \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid6510088 Financial Resource Requirements}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid6510088\charrsid6510088 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16546420 15. Maintenance of financially sound condition}{\fs24\lang2057\langfe1033\langnp2057\insrsid1473667 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16546420 16. Maintenance of capital and shareholders}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid16546420 funds}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16546420\charrsid1473667 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7940723 17. }{\fs24\lang2057\langfe1033\langnp2057\insrsid7940723\charrsid9911728 Shares to be fully paid for in cash}{\fs24\lang2057\langfe1033\langnp2057\insrsid4156513 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7940723 18. }{\fs24\lang2057\langfe1033\langnp2057\insrsid2434609\charrsid9911728 Solvency margin}{\fs24\lang2057\langfe1033\langnp2057\insrsid7940723 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2434609 19. }{\fs24\lang2057\langfe1033\langnp2057\insrsid2434609\charrsid9911728 Reserves}{\fs24\lang2057\langfe1033\langnp2057\insrsid2434609 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2434609 {\fs24\lang2057\langfe1033\langnp2057\insrsid2434609 20. }{\fs24\lang2057\langfe1033\langnp2057\insrsid2434609\charrsid9911728 Maintenance of assets in Cook}{ \fs24\lang2057\langfe1033\langnp2057\insrsid2434609 }{\fs24\lang2057\langfe1033\langnp2057\insrsid2434609\charrsid9911728 Islands}{\fs24\lang2057\langfe1033\langnp2057\insrsid2434609 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7616829 21. }{\fs24\lang2057\langfe1033\langnp2057\insrsid7616829\charrsid9911728 Distributions}{\fs24\lang2057\langfe1033\langnp2057\insrsid7616829 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5785827 22. }{\fs24\lang2057\langfe1033\langnp2057\insrsid5785827\charrsid9911728 Prohibitions relating to advances}{\fs24\lang2057\langfe1033\langnp2057\insrsid5785827 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid5785827\charrsid9911728 and}{\fs24\lang2057\langfe1033\langnp2057\insrsid5785827 }{\fs24\lang2057\langfe1033\langnp2057\insrsid5785827\charrsid9911728 loans}{\fs24\lang2057\langfe1033\langnp2057\insrsid7616829 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13855025 23. }{\fs24\lang2057\langfe1033\langnp2057\insrsid13855025\charrsid9911728 Reinsurance}{\fs24\lang2057\langfe1033\langnp2057\insrsid7616829 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13855025 24. }{\fs24\lang2057\langfe1033\langnp2057\insrsid13855025\charrsid9911728 Derivatives}{\fs24\lang2057\langfe1033\langnp2057\insrsid13855025 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2835874 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13855025\charrsid2835874 Obligations of and Restrictions on Licensed Insurers \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2434609 {\fs24\lang2057\langfe1033\langnp2057\insrsid335985 25. }{\fs24\lang2057\langfe1033\langnp2057\insrsid335985\charrsid9911728 Limitations on business to be}{ \fs24\lang2057\langfe1033\langnp2057\insrsid335985 carried on by licensed insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid7616829 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid335985 26. }{\fs24\lang2057\langfe1033\langnp2057\insrsid335985\charrsid9911728 Appointment and termination of}{\fs24\lang2057\langfe1033\langnp2057\insrsid335985 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid335985\charrsid9911728 directors and key functionaries}{\fs24\lang2057\langfe1033\langnp2057\insrsid7616829 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid335985 27. }{\fs24\lang2057\langfe1033\langnp2057\insrsid335985\charrsid9911728 Authorisation to open branch or}{\fs24\lang2057\langfe1033\langnp2057\insrsid335985 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid335985\charrsid9911728 representative office}{\fs24\lang2057\langfe1033\langnp2057\insrsid335985 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5769773 28. Disposing of or acquiring }{\fs24\lang2057\langfe1033\langnp2057\insrsid14299049 significant }{\fs24\lang2057\langfe1033\langnp2057\insrsid5769773 interest in licensed insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid335985 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5769773 29. Prohibition on payment of commission to unlicensed }{\fs24\lang2057\langfe1033\langnp2057\insrsid11630083 insurance }{\fs24\lang2057\langfe1033\langnp2057\insrsid5769773 intermediary}{ \fs24\lang2057\langfe1033\langnp2057\insrsid335985 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2835874 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12931749\charrsid2835874 Corporate Governance \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2434609 {\fs24\lang2057\langfe1033\langnp2057\insrsid3162856 30. }{\fs24\lang2057\langfe1033\langnp2057\insrsid620819\charrsid9911728 Appointment of insurance}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5921950\charrsid5921950 }{\fs24\lang2057\langfe1033\langnp2057\insrsid5921950\charrsid9911728 manager}{\fs24\lang2057\langfe1033\langnp2057\insrsid335985 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid5921950 31. }{\fs24\lang2057\langfe1033\langnp2057\insrsid5921950\charrsid9911728 Directors of licensed insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid2434609 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2835874 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid5921950\charrsid2835874 Actuaries and Actuarial Investigations and Reports \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7763203 32. }{\fs24\lang2057\langfe1033\langnp2057\insrsid7763203\charrsid9911728 Appointment of actuary}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5921950 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7763203 33. }{\fs24\lang2057\langfe1033\langnp2057\insrsid7763203\charrsid9911728 Obligations of actuary}{\fs24\lang2057\langfe1033\langnp2057\insrsid7763203 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7763203 {\fs24\lang2057\langfe1033\langnp2057\insrsid7763203 34. }{\fs24\lang2057\langfe1033\langnp2057\insrsid7763203\charrsid9911728 Actuary to comply with}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7763203 }{\fs24\lang2057\langfe1033\langnp2057\insrsid7763203\charrsid9911728 prescribed}{\fs24\lang2057\langfe1033\langnp2057\insrsid7763203 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid7763203\charrsid9911728 standards}{\insrsid7763203 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12541769 {\fs24\lang2057\langfe1033\langnp2057\insrsid2835874 35. }{\fs24\lang2057\langfe1033\langnp2057\insrsid12541769\charrsid9911728 Actuarial investigation and report at}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12541769 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12541769\charrsid9911728 direction of Commission}{\insrsid12541769 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid12541769 36. Powers of Commission re appointment of actuary }{\fs24\lang2057\langfe1033\langnp2057\insrsid7763203 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12541769 37. Code to provide for segregation and control of funds of long\endash term insurer \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12541769 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12541769\charrsid12541769 Transfers and Mergers}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12541769 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12541769 38. }{\fs24\lang2057\langfe1033\langnp2057\insrsid3697735 Transfers and mergers}{\fs24\lang2057\langfe1033\langnp2057\insrsid12541769 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3697735 39. Further provisions may be provided for }{\fs24\lang2057\langfe1033\langnp2057\insrsid3697735\charrsid12541769 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid16539083 40. Application of Part VII of the }{\fs24\lang2057\langfe1033\langnp2057\insrsid16331461 International Companies Act to l}{\fs24\lang2057\langfe1033\langnp2057\insrsid16539083 icensed insurers}{\fs24\lang2057\langfe1033\langnp2057\insrsid12541769 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1206461\charrsid1206461 PART 3}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1641556 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1206461\charrsid1206461 REGULATION AND SU}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6366620 PERVISION OF INSURANCE MANAGERS \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1206461\charrsid1206461 AND INSURANCE INTERMEDIARIES}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid16539083\charrsid1206461 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1206461\charrsid1206461 Unlicensed Business \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1206461 {\fs24\lang2057\langfe1033\langnp2057\insrsid1206461 41. }{\fs24\lang2057\langfe1033\langnp2057\insrsid1206461\charrsid9911728 Prohibition on unlicensed business}{ \fs24\lang2057\langfe1033\langnp2057\insrsid1206461 }{\fs24\lang2057\langfe1033\langnp2057\insrsid3093839\charrsid9911728 as insurance manager or insurance}{\fs24\lang2057\langfe1033\langnp2057\insrsid16345414 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid16345414\charrsid9911728 intermediary}{\insrsid1206461 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid16345414 42. }{\fs24\lang2057\langfe1033\langnp2057\insrsid16345414\charrsid9911728 Categories of, and restrictions on,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16345414 }{\fs24\lang2057\langfe1033\langnp2057\insrsid16345414\charrsid9911728 insurance intermediary}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16345414\charrsid9911728 s licences}{\fs24\lang2057\langfe1033\langnp2057\insrsid16345414 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14691747 43. }{\fs24\lang2057\langfe1033\langnp2057\insrsid14691747\charrsid9911728 Application for licence}{\fs24\lang2057\langfe1033\langnp2057\insrsid14691747 \par 44. Issuance of licence \par 45. Refusal to issue licence \par 46. Determination of application \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid14691747\charrsid5706453 Obligations of and Restrictions On Insurance Intermediaries \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3097495 47. Maintenance of financially sound condition}{\fs24\lang2057\langfe1033\langnp2057\insrsid14691747 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3097495 48. Maintenance of capital and shareholder}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid3097495 s funds \par 49. Receipt of and dealing with premiums by intermediaries \par 50. Unlicensed insurers \par 51. Professional indemnity insurance \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid3097495\charrsid3097495 PART 4}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1641556 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid3097495\charrsid3097495 PROVISIONS APPLICABLE TO INSURERS, INSURANCE MANAGERS AND INSURANCE INTERMEDIARIES \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7873728 52. Interpretation for, and application of, this Part \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid7873728\charrsid7873728 Records, Accounts and Audit \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7873728 53. Requirements with respect to records \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2442168 54. Application of sections 55 to 60}{\fs24\lang2057\langfe1033\langnp2057\insrsid7873728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2442168 55. Preparation of financial statements \par 56. Licensee to appoint auditor \par 57. Audit and audit report \par 58. Obligations of auditors \par 59. Powers of Commission re appointment of auditor \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12202415 60. Group accounts \par 61. Auditor may relay on actuarial valuations \par 62. Accounts and audit provisions of the International Companies Act and the Companies Act \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12202415\charrsid12202415 General Supervisory Provisions}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12202415 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 63. Conditions}{\fs24\lang2057\langfe1033\langnp2057\insrsid12202415 \par 64. Filing of returns and reporting of information to Commission \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12789236 65. }{\fs24\lang2057\langfe1033\langnp2057\insrsid13714252 Advertisements}{\fs24\lang2057\langfe1033\langnp2057\insrsid12789236 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13714252 66. Change of name \par 67. Commission may require licensee to change name \par 68. Compliance visits \par 69. Participation of foreign regulatory authority \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13714252\charrsid13714252 PART 5}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1641556 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13714252\charrsid13714252 ENFORCEMENT}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13714252 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4529419 70. }{\fs24\lang2057\langfe1033\langnp2057\insrsid4529419\charrsid4529419 Inter}{\fs24\lang2057\langfe1033\langnp2057\insrsid4529419 pretation for this Part}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4529419\charrsid4529419 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4529419 71. Enforcement action}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4529419 72. Revocation of licence \par 73. Notice and effect of revocation \par 74. Directives \par 75. Appointments of examiner \par 76. Appointments of qualified person \par 77. Protection order \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5966350 78. Public statements}{\fs24\lang2057\langfe1033\langnp2057\insrsid4529419 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4529419\charrsid4529419 PART 6}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1641556 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4529419\charrsid4529419 LIQUIDATION AND STRIKE OFF \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15753107 79. Interpretation for this Part}{\fs24\lang2057\langfe1033\langnp2057\insrsid4529419 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15753107 80. Winding up of insurers, insurance intermediaries and insurance}{\fs24\lang2057\langfe1033\langnp2057\insrsid4201255 managers}{\fs24\lang2057\langfe1033\langnp2057\insrsid15753107 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4201255 81. Restr}{\fs24\lang2057\langfe1033\langnp2057\insrsid13240824 ictions on voluntary winding up}{\fs24\lang2057\langfe1033\langnp2057\insrsid4201255 \par 82. Circumstances in which Commission may present winding up petition \par 83. Service on Commission \par 84. Reduction of contracts as alternative }{\fs24\lang2057\langfe1033\langnp2057\insrsid8672933 to winding up}{\fs24\lang2057\langfe1033\langnp2057\insrsid4201255 \par 85. Continuation of long-term business by liquidator \par 86. Protection of segregated funds and assets \par 87. Strike off notices \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6497413\charrsid5522503 PART 7}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1641556 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6497413\charrsid5522503 MISCELLAN}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4284746 EOUS}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6497413\charrsid5522503 PROVISIONS \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10295976\charrsid5522503 88. Restriction on}{\fs24\lang2057\langfe1033\langnp2057\insrsid8852458 use of certain names and terms}{\fs24\lang2057\langfe1033\langnp2057\insrsid10295976 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5522503 89. Incorporation and change of name of companies}{\fs24\lang2057\langfe1033\langnp2057\insrsid10295976 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid5522503\charrsid5522503 Administration}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid5522503 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5522503 90. Applications \par 91. Registers \par 92. Inspection of registers and information held by Commission \par 93. Electronic filing of documents \par 94. Fees, penalties}{\fs24\lang2057\langfe1033\langnp2057\insrsid6436541 and charges payable to C}{\fs24\lang2057\langfe1033\langnp2057\insrsid14311314 ommission}{\fs24\lang2057\langfe1033\langnp2057\insrsid5522503 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14311314 95. Regulations \par 96. Insurance Code \par 97. Approved forms \par 98. Prudential Guidelines \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid14311314\charrsid14311314 Offence Provisions \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6250081 99. False or misleading representations, statements, reports or returns \par 100. Offences committed by body corporate \par 101. Order to comply \par 102. Civil remedies unaffected \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9976637 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid6250081\charrsid6250081 Final Provisions \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6250081 103. Transitional provisions \par 104. Repeals \par 105. Amendments \par 106. Amendments of Schedules}{\fs24\lang2057\langfe1033\langnp2057\insrsid1115735 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1641556 {\fs24\lang2057\langfe1033\langnp2057\insrsid6250081 Schedules \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid6250081 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4284746 {\fs24\lang2057\langfe1033\langnp2057\insrsid6366620 ______________________________________________________}{\fs24\lang2057\langfe1033\langnp2057\insrsid6250081 ____________________}{\fs24\lang2057\langfe1033\langnp2057\insrsid15486793 _____}{\fs24\lang2057\langfe1033\langnp2057\insrsid6250081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid6250081 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6250081 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid6250081\charrsid6250081 2008, No.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid1115735 }{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid6250081\charrsid6250081 11 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid6250081 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6366620 {\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11603464 An Act to provide for the licensin}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid11603464\charrsid11603464 g, }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11603464 regulation and su}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11603464\charrsid11603464 pervision}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11603464 of insurance business and of insurance managers and intermediaries and for related purposes}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 .}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 \par }\pard \qr \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4284746 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid11603464\charrsid6366620 (27 }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid6366620 June 2008 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid11603464\charrsid9911728 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11603464 BE IT ENACTED}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 by the Parliament of the Cook Islands in Session assembled, and by the authority of the same as follows:}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13852425\charrsid9911728 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13852425 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13852425 PART 1}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2647048 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13852425 PRELIMINARY}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2375835 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13852425\charrsid13852425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16331202 1. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16331202 Short title and commencement}{\fs24\lang2057\langfe1033\langnp2057\insrsid2647048\charrsid2647048 - }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (1) This Act may be cited as the Insurance Act 2008.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7159313\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) This Act shall come into force on a date to be appointed by the Queen}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s Representative, by Order in Executive Council.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6888901\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16331202 2.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6888901\charrsid16331202 }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16331202 Interpretation}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12810342\charrsid16331202 }{\fs24\lang2057\langfe1033\langnp2057\insrsid2647048 - }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (1) In this Act, unless the context otherwise requires -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12810342\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13329388 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 accounting records}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 includes books, vouchers, invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes and such working papers and other documents as are necessary to explain the me thods and calculations by which financial statements are made up and such other documents as may be prescribed;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid13329388\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6043229 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 actuary}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means a person qualified under the Code to act as an actuary;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15341554 {\fs24\lang2057\langfe1033\langnp2057\insrsid6043229\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6043229 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 approved external insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means an external insurer approved by the Commission as an external insurer in accordance with section 11;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15341554 {\fs24\lang2057\langfe1033\langnp2057\insrsid6043229\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6043229 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 approved form}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means a form approved by the Commission under section 97;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15341554 {\fs24\lang2057\langfe1033\langnp2057\insrsid4215536\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6043229 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 capital}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 , in relation to a company, means its fully paid-up share capital; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4215536 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 class}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15341554 of business}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid15341554 or }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15341554 class}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid15341554 means }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 the }{ \fs24\lang2057\langfe1033\langnp2057\insrsid15341554 class of insurance business}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 specified in the regulations; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15341554 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 Code}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means the Insurance Code issued by the Co}{\fs24\lang2057\langfe1033\langnp2057\insrsid15341554 mmis}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 sion under section 96;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15341554\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15341554 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 commencement date}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means the date upon which this Act co}{\fs24\lang2057\langfe1033\langnp2057\insrsid15341554 mes }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 into force;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15341554 {\fs24\lang2057\langfe1033\langnp2057\insrsid15341554\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8997267 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 Commission}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 }{\fs24\lang2057\langfe1033\langnp2057\insrsid8997267 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 eans the Financial Supervisory Commission established under the Financial Supervisory C}{\fs24\lang2057\langfe1033\langnp2057\insrsid8997267 o}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 m}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8997267 miss}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 ion Act, 2003;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15341554\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8997267 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 Companies Act}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means the Companies Act 1955 of New Zealand}{\fs24\lang2057\langfe1033\langnp2057\insrsid4262656 as applied to \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 the Cook Islands by the Companies Act 1970-71;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15341554\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3091794 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 company}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 }{\fs24\lang2057\langfe1033\langnp2057\insrsid3091794 means }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 a body corporate, wherever incorporated or formed;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15341554\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6577359 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 connected person}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 has the meaning specified in the Code;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15341554\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2187541 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 Cook Islands}{ \fs24\lang2057\langfe1033\langnp2057\insrsid2187541 company}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid2187541 means company }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 incorporated under the Companies Act or an international company incorporated and registered under the International Companies Act;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15341554\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2187541 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 Court}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means the High Court of the Cook Islands;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15341554\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4880874 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 director}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 has the meaning specified in section 4;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15341554\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4880874 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 document}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 }{\fs24\lang2057\langfe1033\langnp2057\insrsid4880874 means}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 a document i}{\fs24\lang2057\langfe1033\langnp2057\insrsid4880874 n any }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 form and includes }{\fs24\lang2057\langfe1033\langnp2057\insrsid2647048 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4880874 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14696672 {\fs24\lang2057\langfe1033\langnp2057\insrsid4880874 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4880874 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) any writing or printing on any material;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15341554\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4880874 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) a}{\fs24\lang2057\langfe1033\langnp2057\insrsid4880874 n}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 y record of information or data, however compiled, and whether stored in paper, electronic, magnetic or any non-paper based form;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14696672 {\fs24\lang2057\langfe1033\langnp2057\insrsid4880874\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4880874 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) any storage medium, including discs and tapes; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4880874 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (d) books and drawings; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14696672 {\fs24\lang2057\langfe1033\langnp2057\insrsid4880874\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4880874 {\fs24\lang2057\langfe1033\langnp2057\insrsid4880874 (e) }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 photograph, film, tape, negative or other medium in which one or more visual images are embodied so as to be capable (with or without the aid of equipment) of being reproduced;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14696672 {\fs24\lang2057\langfe1033\langnp2057\insrsid14696672\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1115735 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 and without limiting the generality of paragraphs (a) to }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10307498 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 d), includes any application to or order of a court or tribunal, any other legal process and any notice;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid10307498\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5922058 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 domestic business}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6435071 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 eans insurance business, excluding reinsurance business, the principal objective of which is to insure}{\fs24\lang2057\langfe1033\langnp2057\insrsid1014985 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid6435071\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5922058 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) a person who is resident in the Cook Islands at the time the insurance contract is effected against any kind of risks, except ris}{\fs24\lang2057\langfe1033\langnp2057\insrsid475894 ks}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 in relation to property; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5922058 {\fs24\lang2057\langfe1033\langnp2057\insrsid475894\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5922058 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) a person against risks of any kind in relation to}{ \fs24\lang2057\langfe1033\langnp2057\insrsid2647048 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5922058 {\fs24\lang2057\langfe1033\langnp2057\insrsid11539968 \par }\pard \ql \li2160\ri0\widctlpar\faauto\adjustright\rin0\lin2160\itap0\pararsid5922058 {\fs24\lang2057\langfe1033\langnp2057\insrsid14420100 (i}{\fs24\lang2057\langfe1033\langnp2057\insrsid11539968 ) real property situated in the Cook }{ \fs24\lang2057\langfe1033\langnp2057\insrsid2436142 Islands}{\fs24\lang2057\langfe1033\langnp2057\insrsid11539968 ; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5922058 {\fs24\lang2057\langfe1033\langnp2057\insrsid11539968 \par }\pard \ql \li2160\ri0\widctlpar\faauto\adjustright\rin0\lin2160\itap0\pararsid5922058 {\fs24\lang2057\langfe1033\langnp2057\insrsid11539968 (ii) personal property which at the time the insurance contract is effected is hel}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13639952 d or based in the Cooks Islands;}{\fs24\lang2057\langfe1033\langnp2057\insrsid11539968 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9319007 {\fs24\lang2057\langfe1033\langnp2057\insrsid9319007\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5922058 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9319007 external insurance intermediary}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9319007 means an insur}{\fs24\lang2057\langfe1033\langnp2057\insrsid2173680 ance }{\fs24\lang2057\langfe1033\langnp2057\insrsid2647048 intermediary -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9319007 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid14887160 {\fs24\lang2057\langfe1033\langnp2057\insrsid9319007 (a) that, in the case of a body }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 corporate, is incorporated, constituted or formed outside the Cook Islands;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9319007\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid14887160 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) that, in the case of a partnership has a principal office outside the Cook Islands and does not have a place of business in the Cook Islands; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4470008\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid14887160 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) who, in the case of an individual, is resident outside the Cook Islands;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14887160 {\fs24\lang2057\langfe1033\langnp2057\insrsid14887160\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11409152 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 external insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 me}{\fs24\lang2057\langfe1033\langnp2057\insrsid11409152 ans}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 an insurer incorporated, constituted or for}{\fs24\lang2057\langfe1033\langnp2057\insrsid11409152 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 ed outside the Cook Islands;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid660637\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14887160 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 financial year}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 , in relation to financial statements, has the meaning specified in the Code;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11409152 {\fs24\lang2057\langfe1033\langnp2057\insrsid14887160\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14887160 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 general business}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means insurance business of a class specified in the regulations as general business;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11409152 {\fs24\lang2057\langfe1033\langnp2057\insrsid14887160\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14887160 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 general insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means a licensed insurer that is not a long-term insurer;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11409152 {\fs24\lang2057\langfe1033\langnp2057\insrsid14887160\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14887160 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 holding company}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 has the meaning specified in the Code;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11409152 {\fs24\lang2057\langfe1033\langnp2057\insrsid14887160\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14887160 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 insurance agent}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means a person appointed and authorised by}{\fs24\lang2057\langfe1033\langnp2057\insrsid2647048 an insurer -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid14887160\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5666917 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) to solicit applications for insurance or negotiate for insurance business on behalf of the insurer; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5666917 {\fs24\lang2057\langfe1033\langnp2057\insrsid5666917\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5666917 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) to perform such other functions as may be assigned to him by the insurer;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5922058 {\fs24\lang2057\langfe1033\langnp2057\insrsid5666917\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5666917 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 but does not include an individual who is an employee of the insurer; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14880978 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 insurance broker}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means a person who acts as an independent contractor or consultant and who, for commission or other compensation, carries out any of the following activities}{\fs24\lang2057\langfe1033\langnp2057\insrsid1014985 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid1115735 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid14880978 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) the soliciting or negotiating of insurance business, including the }{ \fs24\lang2057\langfe1033\langnp2057\insrsid8985174\charrsid9911728 renewal}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 and continuance of such business, on behalf of an insured or a prospective insured other than himself;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid14880978\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid14880978 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) the bringing together, either directly or through the agency of a third party, with a view to the insurance of risks, of persons seeking insurance and insurers, and carries out work preparatory to the conclusion of contracts of insurance; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid8985174 {\fs24\lang2057\langfe1033\langnp2057\insrsid8985174 (c) the provision of advice to clients concerning their insurance requirements; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10559822 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 insurance business}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 has the mean}{\fs24\lang2057\langfe1033\langnp2057\insrsid10559822 ing specified in section 3(1);}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14831218 {\fs24\lang2057\langfe1033\langnp2057\insrsid10559822\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10559822 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 insurance intermediary}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means an insurance broker or an insurance agent;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid10559822\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3044685 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 insurance intermediary}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s licenc}{\fs24\lang2057\langfe1033\langnp2057\insrsid9920932 e}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9920932 means a licence to carry on }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 business as an insurance intermediary issued under section 44;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid3044685\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12325425 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid402289 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid402289 insurance manager}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid402289 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid402289 means a person who provides insuran ce expertise to any insurer of which he is not an employee or who exercises such other functions with respect to insurers as may be specified in the regulations; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid12325425\charrsid402289 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13310195 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid402289 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid402289 insurance manager}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid402289 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid402289 s licence}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid402289 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid402289 means a licence to }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid402289 carry on business as an insurance manager issued under section 44; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid10885147\charrsid402289 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13310195 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid402289 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid402289 insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid402289 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid402289 means a person, including an association of underwriters, who carries on, or holds himself out as carrying on, insurance business; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid10885147\charrsid402289 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13310195 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid402289 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid402289 insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid402289 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid402289 s licence}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid402289 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid402289 means a licence issued under section 10;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid10885147\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9776354 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid402289 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid402289 international business}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid402289 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid402289 means insurance business that is not domestic business; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid10885147\charrsid402289 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9776354 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid402289 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid402289 International Companies Act}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid402289 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid402289 means the International Companies Act 1981-82;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid10885147\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9776354 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 key functionary}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 has the meaning specified in the Code;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid10885147\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9776354 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 licensed insurance intermediary}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means a person holding a licence issued under section 44;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9776354 {\fs24\lang2057\langfe1033\langnp2057\insrsid9776354\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15871830 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 licensed insurance manager}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means a person holding a licence issued under section 44;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15213883 {\fs24\lang2057\langfe1033\langnp2057\insrsid15871830\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15871830 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 licensed insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means a person holding a}{\fs24\lang2057\langfe1033\langnp2057\insrsid4089911 licence issued under section 10}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 ;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15213883 {\fs24\lang2057\langfe1033\langnp2057\insrsid15871830\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15871830 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 long-term business}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means insurance business of a class specified in the regulations as long-term business;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15213883 {\fs24\lang2057\langfe1033\langnp2057\insrsid15871830\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15871830 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 long-term insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means a licensed insurer, authorise}{\fs24\lang2057\langfe1033\langnp2057\insrsid1115735 d}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 by its licence to carry on any class or classes of long-ter}{\fs24\lang2057\langfe1033\langnp2057\insrsid1115735 m }{\fs24\lang2057\langfe1033\langnp2057\insrsid7420487 business;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15213883 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 Minister}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid15213883 means the Minister responsible for }{\fs24\lang2057\langfe1033\langnp2057\insrsid14366876 Finance;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14366876 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 Person}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 includes a part}{\fs24\lang2057\langfe1033\langnp2057\insrsid14366876 nership and, for the }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 purposes of section 5(1), includes }{\fs24\lang2057\langfe1033\langnp2057\insrsid14366876 an association of underwriters;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5922058 {\fs24\lang2057\langfe1033\langnp2057\insrsid14366876\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3480004 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 prescribed}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid3480004 means prescribed by the Code;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid3480004\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3480004 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 Prudential Guidelines}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means the Prudential Guidelines issued by the Co}{\fs24\lang2057\langfe1033\langnp2057\insrsid3480004 mm}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 ission under section 98;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid3480004\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13660092 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 registers}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means the registers required to be maintained by the Commission under section 91;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13660092 {\fs24\lang2057\langfe1033\langnp2057\insrsid13660092\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13660092 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 Registrar of Companies}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means the Registrar of Companies within the meaning of the Companies Act;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid13660092\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6700323 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 Registrar of International}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11034506 Companies}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11034506 means the Registrar}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 of International and Foreign Companies appointed under the International Companies Act;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6700323 {\fs24\lang2057\langfe1033\langnp2057\insrsid6700323\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6700323 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 regulations}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means the regulations made under section 95;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6700323 {\fs24\lang2057\langfe1033\langnp2057\insrsid6700323\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6700323 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 significant interest}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 , in respect of a company, means a holding or interes t in the company or in any holding company of the company held or owned by a person, either alone or with any other person and whether legally or equitably, that entitles or enables the}{\fs24\lang2057\langfe1033\langnp2057\insrsid6700323 person, directly }{\fs24\lang2057\langfe1033\langnp2057\insrsid1115735 or indirectly}{\fs24\lang2057\langfe1033\langnp2057\insrsid2647048 }{\fs24\lang2057\langfe1033\langnp2057\insrsid1115735 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6700323 {\fs24\lang2057\langfe1033\langnp2057\insrsid6700323\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5922058 {\fs24\lang2057\langfe1033\langnp2057\insrsid16137590 (a) to control 10 per}{\fs24\lang2057\langfe1033\langnp2057\insrsid9772266 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 cent or more of the voting rights of that company at a meeting of the company, or its members;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16137590 {\fs24\lang2057\langfe1033\langnp2057\insrsid16137590\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5922058 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) to a share of 10 per cent or more in dividends declared and paid by the licensee;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16137590 {\fs24\lang2057\langfe1033\langnp2057\insrsid16137590\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5922058 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) to a share of 10 per cent or more in any distribution of the surplus assets of the company; or} {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16137590 {\fs24\lang2057\langfe1033\langnp2057\insrsid16137590\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5922058 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (d) to appoint or remove one or more directors of the company;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid16137590\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2437518 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 solvency margin}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 has the meaning specified in the Code;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2437518 {\fs24\lang2057\langfe1033\langnp2057\insrsid2437518\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2437518 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 unauthorised business has the meaning specified in subsection (4);}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2437518 {\fs24\lang2057\langfe1033\langnp2057\insrsid2437518\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2437518 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 unlicensed insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means a person wh o carries on insurance business without a licence or without the benefit of an exemption with respect to that business, and includes a licensed insurer that is carrying on insurance business that it is not permitted by its licence to carry on.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid2437518\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) Unless the context otherwise requires, a reference to }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 this Act}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 includes a reference to the regulations.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11666955 \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) The regulations shall make provision for determining whether a person is resident in the Cook Islands for the purposes of this Act.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11666955\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) For the purposes of this Act, a person carries on unauthorised business if he carries on a business for which a licence is required under this Act without}{ \fs24\lang2057\langfe1033\langnp2057\insrsid2647048 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1920236 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) a licence or approval permitting hi}{\fs24\lang2057\langfe1033\langnp2057\insrsid1920236 m to }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 carry on that business; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15997795 {\fs24\lang2057\langfe1033\langnp2057\insrsid16461154\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1920236 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) the benefit of an exemption wit}{\fs24\lang2057\langfe1033\langnp2057\insrsid1920236 h }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 res}{\fs24\lang2057\langfe1033\langnp2057\insrsid1920236 pect}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 to that business.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid16461154\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16005297 3. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16005297 Meanin}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11609115\charrsid16005297 g and classification of insurance business}{\fs24\lang2057\langfe1033\langnp2057\insrsid11609115\charrsid16005297 - }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16005297 (1) Insurance business m}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10119140\charrsid16005297 eans }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16005297 the business of undertaking liability under a contract of}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10119140\charrsid16005297 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16005297 insurance to indemnify or compensate a person in respect of any loss or damage, including t he liability to pay damages}{\fs24\lang2057\langfe1033\langnp2057\insrsid10119140\charrsid16005297 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16005297 or compensation contingent upon the happening of a specified event, and includes life insurance business and reinsurance business.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10119140\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16005297 (2) For the purposes of this Act, insuran}{\fs24\lang2057\langfe1033\langnp2057\insrsid14709426\charrsid16005297 ce business is divided into two}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16005297 types }{\fs24\lang2057\langfe1033\langnp2057\insrsid2647048\charrsid16005297 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid14709426 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14709426 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16005297 (a) long-term business; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid14709426\charrsid16005297 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14709426 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16005297 (b) general business.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid14709426\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16005297 (3) If the Commission is satisfied that any part of a licensed insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid16005297 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16005297 s business ought to be treated as belonging to a different type or a different class of insurance business than is provided for in the regulations, it may direct that, in that insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid16005297 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16005297 s case, that part of the insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid16005297 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16005297 s business will be so treated for the purposes of this Act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4870117\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4870117 4. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4870117\charrsid13904977 Meaning of }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid13904977 "}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid4870117\charrsid13904977 director}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid2647048 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid4870117 - }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (1) For the purposes of this Act, }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 director}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 , in relation to a company means }{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4870117\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4870117 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) a person occupying or acting in the position of director by whatever name called and any person held out by the company to be a director; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5922058 {\fs24\lang2057\langfe1033\langnp2057\insrsid4870117\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4870117 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) a person in accordance with whose directions or instructions a director or the board of directors of a company may be required or is accustomed to act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4870117\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) Notwithstanding subsection (1) }{\fs24\lang2057\langfe1033\langnp2057\insrsid2647048 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15467396\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15467396 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) a person is not to be regarded as a director of a company by reason only that a director or the board of directors act on advice given by him in a professional capacity; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15467396 {\fs24\lang2057\langfe1033\langnp2057\insrsid15467396\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15467396 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) a person acting as receiver or liquidator in relation to a company is not to be regarded as a director of the company by virtue of his acting in that capacity.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2647048 {\fs24\lang2057\langfe1033\langnp2057\insrsid15467396\charrsid9911728 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2647048 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid15467396 PART 2}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2647048 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid15467396 REGULATION AND SUPERVISION OF INSURANCE BUSINESS \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2647048 {\fs24\lang2057\langfe1033\langnp2057\insrsid15467396\charrsid9911728 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15207445 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11278767 Unlicensed Insurance Business \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15207445 {\fs24\lang2057\langfe1033\langnp2057\insrsid15207445\charrsid13904977 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4291032 5. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16331202 Prohibition on unlicensed insurance business}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid2647048 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4291032 - (1) Subject to subsection (4), no person may carry on, or hold himself out as carrying on, insurance business of any kind in or from the Cook Islands unless -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) he holds a licence issued under section 10 authorising him to carry on that kind of insurance business; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) he is an approved external insurer with respect to that kind of business. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) For the purposes of subsection (1), but without limiting that subsection }{\fs24\lang2057\langfe1033\langnp2057\insrsid11763372 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) a person carries on insurance business in the Cook Islands if }{ \fs24\lang2057\langfe1033\langnp2057\insrsid11763372 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (i) by way of business as an insurer, he occupies premises in the Cook Islands; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 (ii) }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 he i}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4291032 nvites a person resident in the}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 Cook Islands}{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 o}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 r causes a person resident in the Cook Islands}{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 to be invited, th}{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 rough the publication of }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 advertisements or oth}{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 erwise, to enter into, renew }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 or vary or to offer to enter into, renew or vary a}{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 contract of insurance with hint as insurer; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) a Cook Islands company that carries on, or holds itself out as carrying on, insurance business outside the Cook Islands is deemed to carry on, or hold itself out as carrying on, insurance business from the Cook Islands. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) The regulations may exempt categories or descriptions of person}{\fs24\lang2057\langfe1033\langnp2057\insrsid13633976 s or activities from subsection }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (1). \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) Subsection (1) does not apply - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) to an external insurer that enters into a reinsurance contract, as reinsurer, with a licensed insurer; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) to any person exempted from that subsection by virtue of regulations made under subsection (3); or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) where the Commission has granted an exemption with respect to that insurer under section 7 and the insurer is carrying oil insurance business in accordance with the terms of the exemption. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (5) A person who carries on insurance business contrary to subsection (1) commits an offence and is liable on conviction - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) if the person is an individual, to a fine not exceeding $50,000 or imprisonment for a term not exceeding 2 years, or both; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) in any other case, to a fine not exceeding $250,000. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid1797629 6}{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032\charrsid1797629 . }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4291032\charrsid1797629 Prohibition on dealings with }{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid1797629 unlicensed insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) A licensed insurance agent shall not solicit applications for insurance, or negotiate for insurance business, on behalf of all unlicensed insurer. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) Subject to section 7, a licensed insurance brok}{\fs24\lang2057\langfe1033\langnp2057\insrsid11763372 er shall not -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) on behalf of a client resident in the Cook Islands, solicit or negotiate insurance business, including the renewal and continuance of such business, with an unlicensed insurer; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) introduce a client resident in the Cook Islands to, or bring such a client together with, an unlicensed insurer with a view to the insurance of risks. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) For the purposes of subsections (1) and (2), an insurer shall not be regarded as an unlicensed insurer if - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) the insurer is carrying on insurance business in accordance with an exemption granted by virtue of regulations made under section 5(3); or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) the Commission has granted an exemption with respect to that insurer under section 7 and the insurer is carrying on insurance business in accordance with the terms of the exemption. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) A licensed insurance agent who contravenes subsection (1), a licensed insurance broker who contravenes subsection (2)(a) or a person who contravene}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16519387 s subsection (2)(b) commits an }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 offence and is liable on conviction - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) if the person is an individual, to a fine not exceeding $10,000 or imprisonment for a terns not exceeding }{\fs24\lang2057\langfe1033\langnp2057\insrsid1014985 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 year, or both; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 (b) in any other }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 case, to a fine not exceeding $50,000. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032\charrsid8940576 7. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4291032\charrsid8940576 Exemption where insufficient m}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid8940576 arket ca}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4291032\charrsid8940576 p}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid8940576 acit}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4291032\charrsid8940576 y}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) Application}{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 may }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 be made to the Commission for an exemption in ac}{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 cordance with this section by -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) an unlicensed ins urer that wishes to carry on insurance business in the Cook Islands that it would otherwise be prohibited from carrying on under section 5; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) a licensed insurance broker who wishes to - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (i) on behalf of a p}{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977 erson resident in the Cook }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 Islands, solicit or negotiate insurance business,}{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 including the ren}{\fs24\lang2057\langfe1033\langnp2057\insrsid16669774 ewal and continuance of such}{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 business, wit}{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977 h an unlicensed insurer; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (ii) introduce a clien t resident in the Cook Islands to, or bring such a client together with, an unlicensed insurer with a view to the insurance of risks; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) a person who wishes to enter into an contract for insurance with an unlicensed insurer that the insurer would otherwise be prohibited from entering under section 5. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) On receiving an application under subsection (1), the Commission may grant an exemption to the applicant, subject to such conditions as it considers appropriate, where it is of the opinion that the pr incipal objective of the insurance business to which the application relates}{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 is to insure a risk or risks -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) that no licensed insurer is willing or able to insure; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) that licensed insurers have insufficient capacity to insure; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4291032 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) where the terms proposed by local insurers willing and able to insure the risk are significantly less advantageous than the terms available from the unlicensed insurer with respect to which the application relates. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4291032 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid5724397 Licensing of Insurers and Approval of External Insurers \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3219567 8. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3219567 Categories of and restrictions on licences}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3219567 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (1) An}{\fs24\lang2057\langfe1033\langnp2057\insrsid4291032 insu}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14438155 rance licence shall be }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 issued in one of the following categories - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 (a) category A, which - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 (i) }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 may only be issued}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4735401 to a company incorporated }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 under the Companies Act; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 (ii) }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 entitles the holder to carry on insurance business, including domestic business; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 (b) category B, which -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 (i) }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 may only be issued to an external insurer that carries on insurance business in the Cook Islands from a branch office in the Cook Islands; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 (ii) }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 entitles the holder to carry on}{ \fs24\lang2057\langfe1033\langnp2057\insrsid1470227 domestic insurance business in }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 the Cook Islands; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid13904977 (c) category C, which -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (i) may only be issued to a company incorporated}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7494345 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 under the International Companies Act; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid5659215 (ii) }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 which entitles the holder international business only. }{\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid2980816 (2) An insurance l}{\fs24\lang2057\langfe1033\langnp2057\insrsid7494345\charrsid2980816 icence shall state -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid2980816 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\highlight7\langnp2057\insrsid7494345\charrsid5659215 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid5659215 (a) the category of licence issued to the holder and the class or classes of business that the holder }{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977\charrsid5659215 is authorised to carry on; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) either that the holder is, or is not, authorised to carry on reinsurance business. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) The Commission shall not issue an insurance licence that authorises the holder to carry on both l}{\fs24\lang2057\langfe1033\langnp2057\insrsid4209532 ong-term and general business. }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) The provisions of this Act specified in Schedule 3 are d isapplied or modified with respect to an external insurer holding a category B licence to the extent specified in the Schedule. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13001824 9. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13001824 Application for licence}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13001824 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) Application may be made to the Commission - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) in the case of an application for a licence i n category A, by a company incorporated under the Companies Act that is limited by shares; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) in the case of an application for a licence in category B, by an external insurer; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) in the case of an application for a licence in category C, by a company incorporated under the International Companies Act that is limited by shares. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) An application under subsection (1) shall be in the approved form and shall}{\fs24\lang2057\langfe1033\langnp2057\insrsid2980816 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) state the category of licence for which application is made and the class or classes of bus iness for which authorisation is sought; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) state whether the applicant seeks authorisation to carry on reinsurance business; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) be accompanied by such documentation and information as may be prescribed. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) An application for a category C licence shall be made through a licensed insurance manager. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid15159636 10. }{\fs24\lang2057\langfe1033\langnp2057\insrsid4209532 I}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid15159636 ssuance of licence}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) Subject to subsection (2), the Commission may issue a licence to an applicant under section 9 if it is satisfied that - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) the applicant intends, if issued with a licence, to carry on the relevant insurance business; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) the applicant satisfies the requirements of this Act and the Code with respect to the application; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) the applicant will, on the issuance of the licence, be in}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7494345 compliance with this Act }{\fs24\lang2057\langfe1033\langnp2057\insrsid9729885 and }{\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 the Code}{\fs24\lang2057\langfe1033\langnp2057\insrsid9729885 ,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 including the capitalisation requirement specified in section 16; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (d) the applicant, its directors and key functionaries and any persons having a significant interest in the applicant satisfy the Commission}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s fit and proper criteria; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7494345 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7494345 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (e) the organisation, management and financial resources of the applicant are adequate for the carrying of the relevant insurance business; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7883435 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (f) the r}{\fs24\lang2057\langfe1033\langnp2057\insrsid3156342 elevant insurance business will be }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 conducted in accordance with soun}{\fs24\lang2057\langfe1033\langnp2057\insrsid7883435 d insurance principles; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7883435 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7883435 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (g) issuing the licence is not against the public interest. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7883435 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) Without limiting the discretion given to the Commission under subsection (1), the Commission may refuse to issue a licence to an applicant if it is of the opinion that a}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11763372 n}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 y person having a share or other interest in the applicant, whether legal or equitable, does not satisfy the Commission}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s fit and proper criteria. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7883435 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) For the purposes of subsection (1) - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7883435 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7883435 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 relevant insurance business}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid8326642 means the insurance business }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 that the applicant will be authorised to carry on if}{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977 a licence is issued to it; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid7883435 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7883435 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7883435 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 the public interest}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 includes the interests of policyholders and potential policyholders of the applicant. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7883435 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid10032977 11. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid10032977 Approval of external insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid7883435\charrsid10032977 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid7883435 - }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (1) In this section - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7883435 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7883435 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 specified jurisdiction}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means a jurisdiction that is specified by the Commission as having a legal and regulatory framework for the regulation and supervision of insurance business that is substantially in compliance with the international standards f or the supervision of insurance business that, for the time being, are promulgated by the International Association of Insurance Supervisors or any successor body; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7883435 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7883435 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) the }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 home jurisdiction}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 of an external insurer is the jurisdiction in which it is incorporated, registered or formed or, in the case of an association of underwriters, from which its business is carried on; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7883435 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7883435 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) the }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 home supervisor}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 of an external insurer is the supervisory authority in its home jurisdiction that is responsible for the supervision of the insurance business of the external insurer; }{\fs24\lang2057\langfe1033\langnp2057\insrsid7883435 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7883435 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7883435 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (d) an insurer is a qualifying insurer if its home jurisdiction is a specified jurisdiction. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7883435 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) Application may be made to the Commission by a qualifying external insurer for the approval of the Commission to carry on domestic business of certain specified classes, types or descriptions without a licence. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16084798 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) The Commission may issue an approval to an external insurer if it is}{\fs24\lang2057\langfe1033\langnp2057\insrsid7604692 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 satisfied that - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16084798 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16084798 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) the applicant is authorised by or under the law of its home jurisdiction to carry on insurance business of the classes, types or descriptions specified in the application and such insurance bu siness would be lawfully carried on if it were carried on in its home jurisdiction; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid16084798 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16084798 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) the insu}{\fs24\lang2057\langfe1033\langnp2057\insrsid16084798 rance business to be carried or } {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 in }{\fs24\lang2057\langfe1033\langnp2057\insrsid16084798 the }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 Cook Islands}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16084798 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 will be subject to the supervision of its home supervisor; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid16084798 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16084798 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) the applicant}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s home supervisor consents to the approval of the applicant by the Commission under this section; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid16084798 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16084798 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (d) issuing the approval is not contrary to the public interest and, for this purpose, }{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 the }{\fs24\lang2057\langfe1033\langnp2057\insrsid7604692 public interest}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7604692 includes the }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 interests of policyholders and potential}{\fs24\lang2057\langfe1033\langnp2057\insrsid16084798 policyholders of the ap plicant}{\fs24\lang2057\langfe1033\langnp2057\insrsid7604692 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid16084798 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) The provisions of this Act specifi}{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977 ed in Schedule 3 are disapplied,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 or modified with respect to an approved external insurer to the extent specified in the Schedule. \par \par (5) Except as provided in Schedule 3 - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16084798 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16084798 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a}{\fs24\lang2057\langfe1033\langnp2057\insrsid16084798 ) a reference in this Act to a }{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid16084798 licensed insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid16084798 includes a }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 reference to an approved external insurer and a reference to the licence of a licensed insurer includes a reference to the approval of an approved external insurer; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid16084798 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16084798 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) an approved external insurer shall not be regarded as an unlicensed insurer or as carrying on unauthorised business to the extent that it is carrying on insurance business in}{\fs24\lang2057\langfe1033\langnp2057\insrsid7604692 accordance with its approval.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7604692 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid10032977 12. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid10032977 Form of licence and approval}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - An insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s licence and an a}{\fs24\lang2057\langfe1033\langnp2057\insrsid3622239 pproval issued un}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7604692 der section 11}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7604692 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7604692 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid7604692\charrsid9911728 shall be in writing and in the approved form and, in the case of an insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid7604692\charrsid9911728 s licence, shall comply with section 8;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7604692 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7604692 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7604692 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid7604692 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 is valid until it is revoked by the Commission under section 72; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7604692 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7604692 {\fs24\lang2057\langfe1033\langnp2057\insrsid7604692\charrsid9706999 (c) }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9706999 remains, at all times, the property of the Commission.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7604692 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid10032977 13. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid10032977 Refusal to issue licence or}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10504763\charrsid10032977 approval}{\fs24\lang2057\langfe1033\langnp2057\insrsid10504763 - }{\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 I}{\fs24\lang2057\langfe1033\langnp2057\insrsid10504763 f the Commission -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6433400 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) refuses to issue an insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s licence or to approve an external insurer under section 11; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6433400 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) issues an insurance licence, or an approval under section 11, but refuses to authorise or appro ve all the classes of insurance business specified in the application; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 it shall notify the applicant in writing of its refusal stating the reasons for the refusal. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4218939 14. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4218939 Determination of application}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - The Commission shall determine an application made under section 9 or section 11 within ninety days of receiving an application that complies with this Act. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6433400 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid6433400 Financial Resource Requirements \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4218939 15. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4218939 Maintenance of financially sound condition}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4218939 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) A licensed insurer shall, at all times, maintain its business in a financially sound condition by - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6433400 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) having assets; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6433400 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) providing for its liabilities; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6433400 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) gen}{\fs24\lang2057\langfe1033\langnp2057\insrsid13782840 erally conducting its business; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13782840 {\fs24\lang2057\langfe1033\langnp2057\insrsid13782840 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 so as to be in a position to meet its liabilities at all times. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid6433400\charrsid9911728 If}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 a licensed insurer forms the opinion that it does not comply with subsection (1), it shall forthwith notify the Commission in writing. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) A licensed insurer that contravenes subsection (2) commits an offence and is liable on conviction to a fine not exceeding $100,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) Sections 16, 18, 19 and 20 do not limit the generality of this section. \par }{\fs24\cf17\lang2057\langfe1033\langnp2057\insrsid6433400\charrsid5188534 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13763166 16. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13763166 Maintenance of capital and shareholders}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid13763166 '}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13763166 funds}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13763166 - (1) A licensed insurer shall ensure that its capital and shareholders}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid13763166 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13763166 funds are maintained in an amount not less than the higher of - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6433400\charrsid13763166 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6433400 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13763166 (a) the prescribed}{\fs24\lang2057\langfe1033\langnp2057\insrsid9515618\charrsid13763166 minimum applicable to it; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13763166 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid6433400\charrsid13763166 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6433400 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13763166 (b) such amount as the Commission may direct under subsection (2). \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par (2) If, having reg}{\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 ard to the nature and extent of the }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 insurance business carried on }{ \fs24\lang2057\langfe1033\langnp2057\insrsid15932538 b}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 y a licensed insurer, it considers it appropriate, the Commission may direct the insurer to increase its capital to an amount hig}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6433400 her than the prescribed minimum }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 capital applicable to the insurer. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) A direction issued under subsection (2) shall specify a reasonable time period for compliance with the direction. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) If the capital of a licensed insurer falls below the amount that it is required to maintain under subsection (1), it shall forthwith notify the Commission in writing. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4685146 (5) A licensed insurer that contravenes subsection (4) commits an offence and is liable on conviction to a fine not exceeding $100,000.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6433400\charrsid10759585 17}{\fs24\lang2057\langfe1033\langnp2057\insrsid11763372 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid6433400\charrsid11763372 }{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid6433400\charrsid10759585 Shares}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid10759585 to be fully paid for in cash}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) Subject to subsection (2), every share of a licensed insurer issued on or after the commencement date s}{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977 hall be fully paid for in cash.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6433400 \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) A share in a licensed insurer may be issued for a consideration other than cash - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4878225 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4878225 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) where permitted by the Code; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4878225 {\fs24\lang2057\langfe1033\langnp2057\insrsid4878225 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4878225 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) where authorised by the Commission on the application of the licensed insurer. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid4878225 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) A licensed insurer that contravenes subsection (1) commits an offence and is liable on conviction to a fine not exceeding $50,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2454972 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2454972\charrsid12785506 18. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2454972\charrsid12785506 Solvency marg}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid12785506 i}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid2454972\charrsid12785506 n}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid2454972 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) A licensed insurer shall ensure that at all times it maintains a solvency margin in accordance with this section. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2454972 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) The solvency margin to be maintained by a licensed insurer shall be - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2454972 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2454972 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) the solvency margin calculated in accordance with the Code; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid2454972 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2454972 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) such increased solvency margin as the Commission may direct under subsection (3). \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid2454972 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) If, having regard to the nature and extent of the insurance business carried on by a licensed insurer, it considers it appropriate, the Commission may direct the insurer to maintain a solvency margin that is higher than that calculated in accordance with the Code. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2454972 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) A direction issued under subsection (4) shall specify a reasonable time period for compliance with the direction. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2454972 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (5) The regulations may prov ide for circumstances in which the Commission may permit a licensed insurer to maintain a solvency margin that is less than that calculated in accordance with the Code. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2454972 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (6) If the solvency margin of a licensed insurer falls below the amount that it is required to maintain under subsection (2), it shall forthwith notify the Commission in writing. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2454972 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (7) A licensed insurer that contravenes subsection (6) commits an offence and is liable on conviction to a fine not exceeding $50,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2454972 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4724641 19. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4724641 Reserves}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) A licensed insurer shall ensure that it maintains reserves in an amount equal to or higher than those prescribed in the Code in respect of the insurance business which it is authorised to carry on. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2454972 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) If the amount of reserves maintained by a licensed insurer falls below the amount that it is required to maintain under subsection (1), it shall forthwith notify the Commission in writing. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2454972 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) A licensed insurer that contravenes subsection (2) commits an offence and is liable on conviction to a fine not exceeding $50,000. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13304588 20. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13304588 Maintenance of assets in Cook Islands}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13304588 - (1) }{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977\charrsid13304588 Th}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13304588 e}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13904977\charrsid13304588 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13304588 o}{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977\charrsid13304588 m}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13304588 mission may, by written notice, direct a licensed insurer to m}{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977\charrsid13304588 aintain assets of such value an}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13304588 d such description}{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977\charrsid13304588 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13304588 as may be spec}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13904977\charrsid13304588 ified in the notice in the Cook}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13304588 Islands.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7355101 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) A notice issued under subsection (1) shall specify the manner in which the specified assets are to be }{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977 maintained in the Cook Islands.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7355101 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) Assets required to be maintained in the Cook Islands under subsection (1) shall not, without the prior written authority of the Commission, be made subj}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8609309 ect to any mortgage, charge or}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 lien. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8609309 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) I}{\fs24\lang2057\langfe1033\langnp2057\insrsid8609309 f}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 a licensed insurer fails to maintain assets in the Coo }{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977 k}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s Islands in accordance with a notice issued by the Commission under subsection (1), it shall forthwith notify the Commission in writing. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8609309 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (5) A licensed insurer that contravenes subsection (3) commits an offence and is liable on conviction to a fine not exceeding $50,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8609309 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid859714 21. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid859714 Distributions}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) For the purposes of this section, }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 distribution}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 , in relation to a distribution by a licensed insurer to a shareholder means - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3570578 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3570578 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) the direct or indirect transfer of money or property, other than the insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s own shares, to or for the benefit of the shareholder; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid3570578 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3570578 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) the incurring of a debt to or for the benefit of a shareholder; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid3570578 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 in relation to shares held by that shareholder and whether by means of a purchase of property, the redemption or other acquisition of shares, a distribution of indebtedness or by some other means, and includes a dividend. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3570578 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) A licensed insurer shall not make a distribution to a shareholder unless, after the distribution - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3570578 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3570578 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) its capital equals or exceeds the capital that it is required to maintain under section 16; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid3570578 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3570578 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) its solvency margin equals or exceeds the solvency margin that it is required to maintain under section 18; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid3570578 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3570578 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) its reserves equal or exceed the reserves that it is required to maintain under section 19. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid3570578 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) A licensed insurer that contravenes subsection (2) commits an offence and is liable on conviction to a fine not exceeding $50,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3570578 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid2055733 22. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid2055733 Prohibitions relating to advances and loans}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid2055733 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) A licensed insu rer shall not after the commencement date, without the prior written approval of the Commission }{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid3570578 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3570578 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) acquire or deal in its own shares or lend money or make advances on the security of its own shares; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3570578 {\fs24\lang2057\langfe1033\langnp2057\insrsid3570578 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3570578 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) lend any of its funds to a connected person \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3570578 {\fs24\lang2057\langfe1033\langnp2057\insrsid3570578 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3570578 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) grant unsecured credit to any person except, in the case of a general insurer, for temporary cover }{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977 not exceeding the}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 prescribed period; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3570578 {\fs24\lang2057\langfe1033\langnp2057\insrsid3570578 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3570578 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (d) enter into any guarantee or provide any security in connection with a loan by any other person to a connected person. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3570578 {\fs24\lang2057\langfe1033\langnp2057\insrsid3570578 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) Subsection (1) does not apply to a distribut}{\fs24\lang2057\langfe1033\langnp2057\insrsid11763372 ion permitted under section 21.}{\fs24\lang2057\langfe1033\langnp2057\insrsid7503752 \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) A licensed insurer that contravenes subsection (1) commits an offence and is liable on conviction to a fine not exceeding $50,000. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid10437488 23. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid10437488 Reinsurance}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) A license d insurer shall have su}{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977 ch}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 arrangements as it considers appropriate for the reinsurance of liabilities}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13904977 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 in}{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 respect of risks insured by the}{\fs24\lang2057\langfe1033\langnp2057\insrsid7503752 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 licensee in the course of its bus}{\fs24\lang2057\langfe1033\langnp2057\insrsid7503752 iness as an insurer.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid351142 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) Without limiting subsection (1), a licensed insurer shall comply with the requirements of the Code with respect to the reinsurance of its risks and with respect to the filing with the Commission of returns setting out its reinsurance arrangements and copies of its reinsurance contracts. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid351142 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) A licensed insurer that contravenes subsection (2) commits an offence and is liable on conviction to a fine not exceeding $50,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid351142 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid606561 24.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid5775164 Derivatives}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) A licensed insurer shall not invest or trade in a derivative without the prior written approval of the Commission, unless the derivative concerned - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5775164 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5775164 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) is prescribed by the Code as an admissible asset; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid5775164 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5775164 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) is a derivative that the Code otherwise permits insurers to invest or trade in. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid5775164 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) A licensed insurer that contravenes subsection (1) commits an offence an}{\fs24\lang2057\langfe1033\langnp2057\insrsid78251 d is liable on conviction to a f}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 ine not exceeding $50,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5775164 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5775164 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid5775164\charrsid5775164 Obligations of and Restrictions}{ \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid5775164 on Licensed Insurers \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid5775164 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid1408537 25. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid1408537 Limitations on business to be carried on b}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5440258 y}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid1408537 licensed insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid1408537 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) Subject to subsection (2), a licensed insurer shall not carry on any business or activities, whether in the}{\fs24\lang2057\langfe1033\langnp2057\insrsid13904977 Cook}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 Islands or elsewhere, otherwise than in connection with or for the purposes of the insurance business that it is authorised by its licence to carry on. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7865178 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) Subsection (1) does not apply to any business or activities prescribed as a business or as activities deemed to be carried on in connection with or for the purposes of the insurance business of a licensed insurer. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7865178 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) A licensed insurer shall carry on its business substantially in accordance with the most recent business plan submitted to the Commission. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7865178 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) A licensed insurer may, at any time, submit an amended business plan with the Commission. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7865178 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid5724397 26. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid5724397 Appointment and termination of directors and key functionaries}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) A licensed insurer shall not appoint a director or key functionary without the prior written approval of the Commission. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10816668 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) The Commission shall not grant an approval under subsection (1) unless it is satisfied that the person concerned satisfies its fit and proper criteria. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10816668 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) Where a licensed insurer terminates the appointment of a director or key functionary or a direc tor or key functionary ceases to hold office, or be employed by, the insurer, the licensed insurer shall, within 14 days of thereof, submit written notification to the Commission. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10816668 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) A licensed insurer that contravenes subsection (1) or subsection commits an offence and is liable on conviction to a fine not exceeding $50,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10816668 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid545520 27. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid545520 Authorisation to o}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12987370 pen branch or rep}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid545520 resentative office}{\fs24\lang2057\langfe1033\langnp2057\insrsid11763372 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid545520 (}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 1) A licensed insurer shall not open, maintain or carry on business through a branch or a representative or contact office outside the Cook Islands unless it has obtained the prior written approval of the Commission. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10816668 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) A licensed insurer that contravenes subsection (1) commits an offence and is liable on conviction to a fine not exceeding $50,000. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3475159 28. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3475159 Disposing of or acquiring significant interesti}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid10816668\charrsid3475159 ng }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3475159 lice}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10816668\charrsid3475159 nsed insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10816668 - (1) A person}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 owning or holding a significant interest in a l}{\fs24\lang2057\langfe1033\langnp2057\insrsid10816668 icensed insurer shall not sell}{\fs24\lang2057\langfe1033\langnp2057\insrsid10816668\charrsid9911728 }{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 transfer, charge }{\fs24\lang2057\langfe1033\langnp2057\insrsid10816668 or }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 otherwise dispose of his inter}{\fs24\lang2057\langfe1033\langnp2057\insrsid10816668 est in the insurer, or any part }{\fs24\lang2057\langfe1033\langnp2057\insrsid12779746 of his interest,}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 unless the prior written approval of the Commission has been obtained. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10816668 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) A person shall not, whether directly or indirectly, acquire a significant interest in a licensed insurer unless the prior written approval of the Commission has been obtained. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10816668 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) A licensed insurer shall not, unless the prior written approval of the Commission has been obtained - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10816668 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10816668 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) cause, permit or acquiesce in a sale, transfer, charge or other disposition referred to in subse }{\fs24\lang2057\langfe1033\langnp2057\insrsid10816668 ction}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (1); \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid10816668 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10816668 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10771287 share capital that results in -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid10816668 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid10771287 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (i) a person acquiring a significant interest in the insurer;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10771287 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid10771287 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid10771287 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (ii) a person who already owns or holds a significant interest in the insurer, increasing or decreasing the size of his interest. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid10771287 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) An application to the Commission for approval under subsection (1), (2) or (3) shall be made by the licensed insurer. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10771287 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (5) The Commission shall not grant approval under subsection (1), (2) or (3) unless it is satisfied that following the acquisition of disposal - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10771287 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10771287 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) the licensed insurer will continue to meet the criteria fo r licensing specified in section 10(1); and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid10771287 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10771287 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) any person who will acquire a significant interest satisfies the Commission}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s fit and proper criteria. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid10771287 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid10771287 6}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 ) A person who knowingly contravenes subsection (1) or (2) or a licensed insurer that contravenes subsection (3) commits an offence and is liable on conviction to a fine not exceeding $50,000. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid7962211 29. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid7962211 Prohibition on payment of commission to unlicensed insurance intermediary}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) A licensed insurer shall not pay any commission with respect to domestic business to an insurance intermediary that does not hold an insurance intermediary}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s licence. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9112024 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) A licensed insurer that contravenes subsection (1) co}{\fs24\lang2057\langfe1033\langnp2057\insrsid9112024 mm}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 its an offence and is liable on conviction to a fine not exceeding $10,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9112024 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9112024 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9112024 Corporate Governance \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9112024 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9455532 30.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9112024\charrsid9455532 }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9112024\charrsid9455532 Appointment of insurance manage}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9455532 r}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (}{\fs24\lang2057\langfe1033\langnp2057\insrsid15747928 1}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 ) A licensed insurer holding a category C licence shall appoint and at all times have an insurance manager who shall be a person licensed to carry on business as an insurance manager under Part 4. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15747928 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) A licensed insurer to which subsection (1) applies sha ll not terminate the appointment of its insurance manager, and an insurance manager shall not terminate its agreement to act as insurance manager for such a licensed insurer unless the insurer or the}{\fs24\lang2057\langfe1033\langnp2057\insrsid15747928 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 insurance manager, as the case may be, has given not less than thirty days}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 notice of its intention to do so to the Commission. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15747928 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) The Commission may, on the application of the insurer or insurance manager, agree to accept a shorter period of notice than that specified in subsection (2). \par \par (4) A licen}{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 sed insurer to which subsection}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 }{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 ap}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 plies}{\fs24\lang2057\langfe1033\langnp2057\insrsid15747928 shall }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 within fourteen days after - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15747928 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15747928 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11763372 (a) it}{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570\charrsid11763372 appoints an insurance manager; }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11763372 or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15747928\charrsid11763372 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15684570 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11763372 (b) the appointm}{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570\charrsid11763372 ent of its insurance manager is}{\fs24\lang2057\langfe1033\langnp2057\insrsid11763372 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11763372 reason, terminated,}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15684570 {\fs24\lang2057\langfe1033\langnp2057\insrsid15684570\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 provide written notice of that fact to the Commission. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15747928 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (5) Where, for whatever reason, a person ceases to be the insurance manager of a licensed insurer to which subsection (1) applies, the insurer does not commit an offence under subsection (6) if it appoints another insurance manager in accordance with this section}{\fs24\lang2057\langfe1033\langnp2057\insrsid12021539 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 within fourteen days of the date that the previously appointed insurance manager ceases to hold that appointment. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12021539 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (6}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13183224 ) Subject to subsection (5), a licensed insurer that contravenes subsection (1), (2) or (4) or an insurance manager that contravenes subsection (2) commits an offence and is liable on conviction to a fine not exceeding $}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 10,000. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13898633 31. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13898633 Directors of licensed insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) A licensed insurer holding a category A or C licence shall at all times have at least three directors. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) In the case of a licensed insurer holding a category A licence, the directors shall be natural persons. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) The Code may provide for the duties and responsibilities of the directors of a licensed insurer. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13183224 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid13183224 Actuaries and Actuarial Investigations and Reports \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid7756831 32. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid7756831 Appointment of actuary}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) A long-term insurer shall appoint and at all times have an actuary approved by the Commission in writing. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) The Code shall prescribe - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13183224 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) the procedures to be followed by }{\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 long-term insurers to which the}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 requirement applies with respect to - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13183224 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (i) the appointment of the actuary; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13183224 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (ii) the provision of notices and actuarial reports to the Commission; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13183224 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) the investigations to be}{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 undertaken by an actuary; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13183224 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) the powers of an actuary. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) The Comm ission shall not approve the appointment of an actuary under subsection (1) unless it is satisfied that the individual concerned has sufficient experience and is competent to act as actuary of the licensee. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) The requirements of subsections (1) and (2) are disapplied or modified with respect to a long-term insurer - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13183224 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) in such circumstances as may be specified in the Code; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13183224 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) where, in the case of a particular long-term insurer, the Commission so determines on t}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15684570 he application of that insurer.}{\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (5) Subject to subsection (6), a licensed insurer required to appoint and have an actuary commits an offence if, at any time, it does not have an actuary and is liable on conviction to a fine not exceeding $20,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13183224 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3146854 (6) Where, for whatever reason, a person ce ases to be the actuary of a licensed insurer, the insurer does not commit an offence under subsection (5) if it appoints another actuary in accordance with the Code within six weeks of the date that person who was previously appointed actuary ceases to ho ld that appointment.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11149442\charrsid3146854 33. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11149442\charrsid3146854 Obligations of }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3146854 actuary}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11149442\charrsid3146854 - (1) The actuary of a long-term insurer shall r}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3146854 eport immediately to the Co}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11149442\charrsid3146854 mmission if he considers that -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3146854 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11149442\charrsid3146854 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11149442 {\fs24\lang2057\langfe1033\langnp2057\insrsid11149442\charrsid3146854 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3146854 here are reasonable grounds for believing that the insurer or a director or key func}{\fs24\lang2057\langfe1033\langnp2057\insrsid11149442\charrsid3146854 tionary of the insurer may have}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3146854 contravened this Act or the Code or any other enactment; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid11149442\charrsid3146854 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11149442 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3146854 (b) that the contravention is of such a nature that it may significantly affect the interests o}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15684570\charrsid3146854 f policyholders of the insurer.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11149442\charrsid3146854 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid11149442\charrsid3146854 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3146854 (2) The actuary of a long-term insurer shall report to the insurer any matter relating to t}{\fs24\lang2057\langfe1033\langnp2057\insrsid3146854 he business of the insurer that }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3146854 he has obtained in the course of acting as its actuary that, in his opinion, requires action to be taken by the company, or its directors -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5796154 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5796154 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) to avoid a contravention of this Act or the Code; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid5796154 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5796154 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) to avoid prejudice to the interests of policyholders of the insurer. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid5796154 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) Where the actuary of a long-term insure reports to the insurer under subsection (2) and the insurer does not, within such time as the actuary considers reason able, take the action required, he shall report the matter to the Commission. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5796154 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) Where the appointment of an actuary of a long-term insurer appointed pursuant to section 32 is terminated, the former actuary shall - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5796154 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5796154 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) forthwith inform the Commission of the termination of his appointment and disclose to the Commission the circumstances that gave rise to such termination; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5796154 {\fs24\lang2057\langfe1033\langnp2057\insrsid5796154 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5796154 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) if, but for the ter}{\fs24\lang2057\langfe1033\langnp2057\insrsid14574918 mination of his appointment, he}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 would have reported any matter to the Commission under subsection (1) or (3), he shall report the information concerned to the Commission, as if his appointment had not been terminated. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid5796154 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (5) Where, in good faith, an actuary or former actuary provides a report or information to the Commissio n under subsection (1), (3) or (4), he is deemed not to be in contravention of any enactment, rule of law or professional code of conduct to which he is}{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 subject and no civil, criminal or disciplinary proceedings shall lie against him in respect thereof}{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 .}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 ( 6) The failure, in good faith, of an actuary or former actuary to provide a report or information to the Commission under subsections (1), (3) or (4) does not confer upon any other person a right of action against the actuary which, but for that failure, he would not have had. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (7) An actuary or former actuary who contravenes subsection (1), (2), (3) or (4) commits an offence and is liable on conviction to a fine not exceeding $10,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid12593514 34. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid12593514 Actuary to comply with prescribed standards}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - The actuary of a lice nsed insurer, whether or not appointed pursuant to a requirement of this Act, shall, in the performance of his duties and the exercise of his powers, comply with such actuarial standards as may be prescribed. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid15955513 3}{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214\charrsid15955513 5. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid16604214\charrsid15955513 Actuarial investigation and }{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid15955513 report at direction of Commission}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) The Commission may at any time, by notice in writing, direct a licensed insurer, whether or not a long-term insurer, to cause an actuary to investigate such aspects of its financial condition a}{\fs24\lang2057\langfe1033\langnp2057\insrsid15223041 s the Commission may specify in}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 the notice and to provide the Commission with a report prepared by the actuary. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) A report prepared under subsection (1) shall be at the cost of the insurer. \par \par (3) The Commission may direct that}{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 the actuarial investigation is carried out by the}{\fs24\lang2057\langfe1033\langnp2057\insrsid14574918 actuary appoin ted by the insurer, if any, or by such actuary as the Commission shall specify. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid10096638 36. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid10096638 Powers of Commission re }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid16604214\charrsid10096638 appointment}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid10096638 of actuary}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) Where the Commission is satisfied}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13915187 that the actuary of a long-term}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 insurer appointed in accordance with s ection 32 has failed to fulfil his obligations under this Act or the Code, it may, by written notice to the insurer, revoke the approval of the appointment of the actuary a}{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 nd the insurer shall appoint a ne}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 w actuary in accordance with the Code. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) A notic}{\fs24\lang2057\langfe1033\langnp2057\insrsid9587150 e revoking the appointment of an}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 actuary under subsection (1) shall be sent to the actuary. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) If, a long-term insurer required under section 32 to appoint an actuary fails to appoint an actuary, the Commission may appoint a qualified person to act as th e actuary of the insurer. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) An actuary appointed under subsection (3) is deemed for the purposes of this Act to have been appointed by the insurer. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11010525 37. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11010525 Code to provide for segregation and control of funds of long-term insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) The Code shall provide for the segregation, control, allocation and application of the funds of a long-term insurer. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) A long-term insurer that breaches a provision of the Code referred to in subsection (1) commits an offence and is liable on conviction to a fine not exceeding $20,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16604214 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid7756580 Transfers and Mergers}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16604214 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid10176790 38. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid10176790 Transfers and mergers}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid16604214 - }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid9965884 1) Subject to section 40, no par}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 t of the business of a licensed insurer may be - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16604214 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) transferred to another person; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16604214 {\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16604214 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) merged with the business of another person; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 except under a scheme of transfer or merger complying with the Code that is approved - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid16604214 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (i) in the case of a long term insurer, by the Court;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16604214 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16604214 {\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid16604214 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (ii) in the case of a general insurer, by the Court or the Commission. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) Application to the Court or the Commission for the approval of a scheme shall be made jointly by or on behalf of the licensed insurer and each other person who is a party to the scheme and shall - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16604214 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) be in the approved form; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16604214 {\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16604214 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) contain such information and be accompanied by such documentation as may be prescribed. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) Before determining an application under this section - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16604214 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) where the application is made to the Court, the Court may require an investigation to be undertaken into the desirability or otherwise of the scheme; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16604214 {\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16604214 {\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 (b) where the }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 applicati}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16604214 on is made to the Commission, the}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 Commission may undertake an investigation into the desirability or otherwise of the scheme. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) An investigation under subsection (3) - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8732871 {\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 shal1 be at the cost of the insurer; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8732871 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid16604214 b}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 ) where to be carrie}{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 d out by the Commission, may be }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 ca}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15684570 rr}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 ied out by the Commission or }{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 by one or more persons appointed }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 by}{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 the Commission to act on its behalf. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid8732871 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (5) Any transaction to which a licensed insurer is a}{\fs24\lang2057\langfe1033\langnp2057\insrsid8732871 party}{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 ,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8732871 which has the effect}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 of transferring any part of the business of the insurer to another person or merging any part of the business of the insurer with the business of another person is void and of no legal effect}{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 unless effected under a scheme of transfer or merger approved by the Court or the Commission, as the case may be. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8732871 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9388378 39. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9388378 Further provisions ma}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8732871\charrsid9388378 y}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9388378 be provided for}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) The Code may provide for notices to be given with respect to, and the advertisement of, }{ \fs24\lang2057\langfe1033\langnp2057\insrsid15684570 schemes of transfer and merger.}{\fs24\lang2057\langfe1033\langnp2057\insrsid8732871 \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) The regulations may make provision for applications for the approval of schemes of transfer and merger and their determination by the Court or the Commission, as the case may be. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8732871 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid2238604 40. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid2238604 Application of Part VII of the International Co}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid8732871\charrsid2238604 mp}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid2238604 anies Act to licensed insurers}{\fs24\lang2057\langfe1033\langnp2057\insrsid8732871 - }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (1) A licensed }{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 insurer shall not propose a compromi}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 se or arrangement under Part VI}{\fs24\lang2057\langfe1033\langnp2057\insrsid8732871 I}{\fs24\lang2057\langfe1033\langnp2057\insrsid7756580 of the I}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 nternational Companies Act unl ess the Commission has given its consent in writing to the compromise or arrangement. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8732871 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) The Commission is entitled to appear and be heard at every hearing of the court in respect of an arrangement or compromise under the International Companies Act and the court shall not make an order under Part VII of the International Companies unless the Commission has been given notice of the hearing at which the order is made. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8732871 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) A licensed insurer that contravenes subsection (1) commits an offence and is liable on conviction to a fine not exceeding $20,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8732871 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) In this section }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 licensed insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 includes a former licensed insurer. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8732871 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8732871 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4284746 PART 3}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8732871\charrsid8732871 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid8732871 REGULATION AND SUPERVISION OF}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8732871\charrsid8732871 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid8732871 INSURANCE MANAGERS AND INSURANCE INTERMEDIARIES \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8732871 {\fs24\lang2057\langfe1033\langnp2057\insrsid8732871 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8732871 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid8732871 Unlicensed Business \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid8732871 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3015390 41. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3015390 Prohibition on unlicensed business as insurance manager or insurance}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid8732871\charrsid3015390 }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3015390 inter}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8732871\charrsid3015390 m}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3015390 ediar}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8732871\charrsid3015390 y}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3015390 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (1) Subject to subsection (3), no person may carry on, or hold himself out as carrying on business as an insurance manager or an insurance intermediary in or from the Cook}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15684570 I}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 slands unless he holds a licence issued under section 44 in the appropriate category. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) For the purposes of subsection (1), but without limiting that subsection}{\fs24\lang2057\langfe1033\langnp2057\insrsid10431258 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid15431083 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) a person carries on business as an insurance manager or an insu}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4853442 rance intermediary in the Cook I}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 slands if - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (i) by way of business as an insurance manager or intermediary, he occupies premises in the Cook Islands; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (ii) from within the Cook Islands, he invites a person resident in the Cook Islands, or causes such a person to be invited, whether through the}{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 publication of advertisements or otherwise, to become a client of his; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 b) a Cook Islands company that }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 car}{\fs24\lang2057\langfe1033\langnp2057\insrsid10431258 r}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 i}{\fs24\lang2057\langfe1033\langnp2057\insrsid10431258 es on}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 , or holds itself out as}{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 carryi}{ \fs24\lang2057\langfe1033\langnp2057\insrsid539699 ng on, business as an insurance manager or intermediary }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 outside the Cook Islands is dee}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15684570 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 ed to carry on, or hold itself out as carrying on, business as an insurance manager or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid670163 an insurance intermediary from}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 the Cook Islands. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) The regula}{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 tions may exempt categories or}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 descriptions of persons or activities from this section. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) A person who carries on or purports to carry on business as an insurance manager or an insurance intermediary contrary to subsection (1) commits an offence and is liable on conviction - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) if the person is an individual, to a fine not exceeding $10}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13071142 ,000 or imprisonment for a term}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 not exceeding 1 year, or both; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) in any other case, to a fine not exceeding $50,000. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9916547 42. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9916547 Cate}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid15431083\charrsid9916547 g}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid676102 ories of and restrictions on}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9916547 , insurance intermediar}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid15431083\charrsid9916547 y}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9916547 licences}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) An insurance intermediary}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s licence shall be issued in one of the following categories - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) insurance broker; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) insurance agent. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) An insurance intermediary}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s licence shall state the category of insurance intermediary in respect of which it is issued and - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) where the category of the licence is insurance broker, the class or classes or insurance business i}{\fs24\lang2057\langfe1033\langnp2057\insrsid30971 n respect of}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 which the licensee is authorised as an insurance intermediary; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) where the category of the licence is insurance agent, the insurer by which the li censee is or will be appointed. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9916547 43. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9916547 Application for licence}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) Application may be made to the Commission for an insurance manager}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s licence or an insurance intermediary}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s licence - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) in the case of an insurance manager}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s licence, by a company incorporated under the Companies Act; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) in the case of an insurance intermediary}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '} {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s licence in the }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 category of insurance broker by}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (i) a company incorporated under the Companies Act; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (ii) an external insurance intermediary; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) in the case of an insurance intermediary}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '} {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s licence in the}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 category of insurance agent by}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (i) a company incorporated under the Companies}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15684570 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 Act; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (ii) an individual; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 (iii) }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 an e}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15431083 xternal insurance intermediary.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) An application under subsection (1) shall be in the approved form and shall \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) state the category of licence for which application is made; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) where the application is for a licence to act as an insurance broker, state the type and the class or classes of business in respect of which the applicant wishes to be authorised; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) be accompanied by such documentation and information as may be prescribed or as may be specified in Prudential Guidelines. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11351115 44. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11351115 Issuance of licence}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) Subject to subse}{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 ction}{\fs24\lang2057\langfe1033\langnp2057\insrsid10973687 Commissions may}{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 issue }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 an insurance manager}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s licence or an insurance intermedia}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15431083 ry}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid5977342 s }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 licence to an applicant if }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 it is}{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 satisfied that}{\fs24\lang2057\langfe1033\langnp2057\insrsid13071142 }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 - }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) the applicant intends, if issued with a licence, to carry on business as an insurance manager or an insurance intermediary, as the case may be; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) the applicant satisfies the requirements of this Act with respect to the application; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) the applicant will, on the issuance of the licence, be in compliance with this Act; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (d) the applicant and its key functionaries and - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (i) in the case of a company, its directors and any persons having a significant interest in the applicant, and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (ii) in the case of a partnership, the partners, satisfy the Commission}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13003935 s fit}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 and proper criteria; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (e) the organisation, management and financial resources of the applicant are adequate for the carrying on of the relevant business; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 (f) }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 issuing the licence is not agains t the public interest. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) Without limiting the discretion given to the Commission under subsection (1), the Commission may refuse to issue a licence to an applicant if it is of the opinion that any person having a share or other interest in the applicant , whether legal or equitable, does not satisfy the Commission}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s fit and proper criteria. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) A licence issued under subsection (1)}{\fs24\lang2057\langfe1033\langnp2057\insrsid13071142 }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) shall be in writing and in the approved form and shall comply with section 42; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) is valid until it is revoked by the Commission under section 72; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) remains, at all times, the property of the Commission. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) The provisions of this Act are disapplied or modified with respect to an external insurance intermediary to the extent specified in the regulations. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid15347188 45. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid15347188 Refusal to issue licence}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - If the Commission refuses to issue an insurance manager}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s or intermediary}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 ' }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s licence, it shall notify the applicant in writing of its refusal and the reasons for the refusal. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3032861 46. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3032861 Determination of application}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - The Commission shall determine an application made under section 43 within ninety days of receiving an application complying with this Act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570\charrsid9911728 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15684570 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid15684570 Obligations Of and Restrictions On Insurance Intermediaries \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3032861 47. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3032861 Maintenance of financially sound condition}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) A licensed insurance manager and a licensed insurance intermediary shall, at all tunes, maintain its business in a}{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 financially sound condition by}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) having assets, \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) providing for its liabilities, and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15431083 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) generally}{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 conducting its business so}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 as to be in a position to meet i}{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 ts liabilities at all times.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) If a licensed insurance manager or a licensed insurance intermediary forms the opinion that it does not comply with subsection (1), it shall forthwith not}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6307982 ify the Commission in writing.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15431083 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) A licensee that contravenes subsection (2) commits an offence and is liable on conviction - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12735732 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12735732 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) if the person is an individual, to a fine not exceeding $10,000 or impriso}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5186597 nment for a term not exceeding 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 year, or both; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12735732 {\fs24\lang2057\langfe1033\langnp2057\insrsid12735732 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12735732 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) in any other case, to a fine not exceeding $50,000. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid12735732 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3162696 48. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3162696 Maintenance of capital and shareholders}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid3162696 '}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3162696 funds}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3162696 - (1) A licensed insurance manager and a licensed insurance broker shall ensure that its capital and shareholders}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid3162696 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3162696 funds are maintained in an a}{\fs24\lang2057\langfe1033\langnp2057\insrsid12735732\charrsid3162696 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid3162696 ount not less than the higher of -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12735732 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12735732 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) the prescribed minimum applicable to it, if any; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12735732 {\fs24\lang2057\langfe1033\langnp2057\insrsid12735732 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12735732 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) such amount as the Commission }{\fs24\lang2057\langfe1033\langnp2057\insrsid12735732 may direct under subsection (2)}{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid12735732 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) If, having regard to the nature and extent of the business carried on by a licensed insurance manager or a licensed insurance broker, it considers it appropriat}{ \fs24\lang2057\langfe1033\langnp2057\insrsid3162696 e, the Commission may direct th}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 e insurance manager or broker to increase its capital to an amount higher than the prescribed minimum capital applicable to it. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12735732 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) A direction issued under subsection (2) shall specify a reasonable time period for compliance with the direction. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12735732 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) If the capital of a licensed insurance manager or a licensed insurance broker falls below the amount that it is required to maintain under subse ction (1), it shall forthwith notify the Commission in writing. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12735732 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (5) A licensed insurance manager or a licensed insurance broker that contravenes subsection (4) commits an offence and is liable on conviction to a fine not exceeding $20,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12735732 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13981299 49}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid610373 . }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4284746 Receipt of and dealing with prem}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid610373 iums b}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4284746 y}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid610373 intermediaries}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - An insurance intermediary shall not receive, hold or in any way deal with a premium payable under an insurance policy entered into or to be entered into with an insurer - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3811232 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3811232 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) unless he is authorised by the insurer concerned to receive, hold or deal with the premium; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3811232 {\fs24\lang2057\langfe1033\langnp2057\insrsid3811232 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3811232 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) he receives, holds or deals with the premium in accordance with the provisions of the Code. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid3811232 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid610373 50. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid610373 Unlicensed insurers}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid610373 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - An insurance intermediary shall not act in relation to a policy of insurance to be effected by or with an insurer that does not hold an insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s licence or that is not an approved external insurer. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3811232 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4137417 51. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4137417 Professional indemni}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid3811232\charrsid4137417 ty}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4137417 insurance}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) A licensed insurance intermediary and a licen sed insurance manager shall at all times maintain such professional indemnity insurance as may be prescribed in the Code. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3811232 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) A licensed insurance intermediary or a licensed insurance manager that contravenes subsection (1) commits an offence and is liable on}{ \fs24\lang2057\langfe1033\langnp2057\insrsid3811232 conviction}{\fs24\lang2057\langfe1033\langnp2057\insrsid12329268 }{\fs24\lang2057\langfe1033\langnp2057\insrsid3811232 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3811232 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3811232 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) if the person is an individual, to a fine not exceeding $10,000; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3811232 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3811232 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) in any other case, to a fine not}{\fs24\lang2057\langfe1033\langnp2057\insrsid3811232 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 exceeding $50,000. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid3811232 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7623830 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid7623830 PART 4 \par PROVISIONS APPLICABLE TO INSURERS, INSURANCE MANAGERS AND INSURANCE INTERMEDIARIES \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7623830 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4137417 52. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4137417 Int}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid212921\charrsid4137417 erp}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4137417 retation for and a}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid212921\charrsid4137417 ppli}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4137417 cation of}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid12397497 ,}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4137417 this Part}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) In this Part, unless the context otherwise requires, }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 licence}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means an insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s licence, an insurance manager}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s licence or an insurance intermediary}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 s licence, as the case may be, and }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 licensee}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 shall be construed accordingly. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid212921 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) The Code may modify the provisions of this Part with respect to its application to licensed external insurance intermediaries. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9653283 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9653283 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9653283 Records, Accounts and Audit \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9653283 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4010813 53. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid4010813 Requirements with respect to records}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) A licensee shall keep in its Cook Islands office, or in the case of an insurer required to appoint an insurance manager, at the office of its insurance manager, records that are sufficient - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9653283 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9653283 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) to show and explain its transactions; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9653283 {\fs24\lang2057\langfe1033\langnp2057\insrsid9653283 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9653283 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) at any time, to enable its financial position to be determined with reasonable accuracy; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9653283 {\fs24\lang2057\langfe1033\langnp2057\insrsid9653283 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9653283 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) to enable it to prepare such financial statements and make such returns as it is required to prepa}{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 re and make under this Act; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15684570 {\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9653283 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (d) if applicable, to enable its financial statements to be audited in accordance with this Act. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9653283 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) The records required to be maintained under subsection (1) shall be retained by a licensee for a period of at least six years after the completion of the transaction to which they r elate and this obligation continues notwithstanding that that a person ceases to be a licensee. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9653283 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) A licensee, or former licensee, that contravenes this section commits an offe}{\fs24\lang2057\langfe1033\langnp2057\insrsid9653283 nce and is liable on conviction}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12329268 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9653283 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9653283 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9653283 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) if the person is an individual, to a fi ne not exceeding $10,000 or imprisonment for a term not exceeding 1 year, or both; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9653283 {\fs24\lang2057\langfe1033\langnp2057\insrsid9653283 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9653283 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) in any other case, to a fine not exceeding $50,000. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9653283 {\fs24\lang2057\langfe1033\langnp2057\insrsid9653283 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid14443874 54. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid14443874 Application of sections 55 to 60}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid14443874 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - Sections 55 to 60 apply to - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid788780 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid788780 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) a licensed insurer, and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid788780 {\fs24\lang2057\langfe1033\langnp2057\insrsid788780 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid788780 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) a licensed insurance manager and a licensed insurance broker, to the extent specified in the Code, \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7108205 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 and in these sections, }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 licensee}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means a person specified in paragraph (a) or (b). \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid788780 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid7540346 55. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid7540346 Preparation of financial statements}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) A licensee shall comply with the requirements of the Code applicable to him with respect to the preparation and submission to the Commission of financial statements. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7108205 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) A licensee that contravenes this section commits an offence and is liable on conviction to a fine not exceeding $50,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7108205 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16457504 56. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid16457504 Licensee to appoint auditor}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) A licensee shall appoint and at all times have an auditor for the purposes of auditing its financial statements. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7108205 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) An auditor shall not be appointed}{\fs24\lang2057\langfe1033\langnp2057\insrsid7108205 under subsection (1) unless -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7108205 {\fs24\lang2057\langfe1033\langnp2057\insrsid7108205 (a) he is qualified under }{\fs24\lang2057\langfe1033\langnp2057\insrsid2365878 the C}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6503575 ode to }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 act as the auditor of a}{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 licensee; and}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7108205 {\fs24\lang2057\langfe1033\langnp2057\insrsid7108205 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7108205 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) the Commission has given its approval in writing to his appointment. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7108205 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) The Commission shall not approve the appointment of an auditor under subsection (2) unless it is s}{\fs24\lang2057\langfe1033\langnp2057\insrsid10049475 ati sfied that he has sufficient }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 experience and is competent to audit the financial statements of the licensee. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7108205 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) A licensee shall, within 14 days of the appointment of its auditor, submit a notice of appointment in the approved form to the Commission. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7108205 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (5) A licensee shall make such arrangements as are necessary to enable his auditor to audit his financial statements in accordance with t}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15684570 his Act and the Code, including-}{\fs24\lang2057\langfe1033\langnp2057\insrsid7108205 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7108205 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) by giving the auditor a right of access at all reasonable times to its accounting re cords and to all other documents and records; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7108205 {\fs24\lang2057\langfe1033\langnp2057\insrsid7108205 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7108205 {\fs24\lang2057\langfe1033\langnp2057\insrsid7108205 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 by providing the auditor with such information and explanations; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7108205 {\fs24\lang2057\langfe1033\langnp2057\insrsid7108205 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 as, in either case, the auditor reasonably requires for the purposes of the audit. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid7108205 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (6) The approval of the Commission is not required where the auditor appointed in respect of a financial year acted as the auditor of the relevant licensee in }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12796107 accordance with this }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 section in the previous financial year. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12796107 \par (7) A relevant licensee that -}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12796107 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12796107 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) subject to subsection (6), does not have an auditor; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12796107 {\fs24\lang2057\langfe1033\langnp2057\insrsid12796107 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12796107 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) contravenes subsection (2);}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12796107 {\fs24\lang2057\langfe1033\langnp2057\insrsid12796107\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 commits an offence and is liable on conviction to a fine not exceeding $50,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12796107 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (8) Where, for whatever reason, a person ceases to be the auditor of a licensee, the licensee does not commit an offence under subsection (6) if it appoints another auditor in accordance with this section within twenty eight days of the date that person w ho was previously appointed auditor ceases to hold that appointment. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12796107 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid1462840 57. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid1462840 Audit and audit re}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12796107\charrsid1462840 p}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid1462840 ort}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12796107 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12796107 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 1) An auditor shall carry out sufficient investigation to enable hi}{\fs24\lang2057\langfe1033\langnp2057\insrsid12796107 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 to form an opinion on the financial statements, and prepare an audit report, }{\fs24\lang2057\langfe1033\langnp2057\insrsid12796107 or}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 compliance with the Code. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12796107 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) Upon completion of his audit of the financial statements of a relevant licensee, the auditor shall provide an audit report to the licensee complying with the Code. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12796107 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) The Commission may at any time, by notice in writing, direct a licensee to supply the Commission with a report, prepared by its auditor}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12796107 or such other person as may be }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 nominated by the Commission, on such matters as the Co}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12796107 mm}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 ission may determine which}{\fs24\lang2057\langfe1033\langnp2057\insrsid12796107 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 may include an opinion on the adequacy of the accounting and control s ystems of the licensee and, in the case of a licensed insurer, on asset quality and the adequacy of provisions for losses. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12796107 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) A report prepared under subsection (2) shall be at the cost of the licensee. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5067901 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid2760794 58. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid2760794 Obli}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5067901\charrsid2760794 g}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid2760794 ations of auditors}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) Notwithstanding anything to the contrary in any other enactment, the auditor of a licensee shall report immediately to the Commission any information relating to the affairs of the licensee that he has obtained in the course of acting as its auditor that, in his opinion, suggests - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8540719 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) that the licensee is insolvent or is likely to become insolvent or is likely to be unable to meet its obligations; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8540719 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) th}{\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 at a criminal offence has been }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 or is being committed by the licensee or in connection with}{\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 its business; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8540719 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (c) that, in the case of a licensed insurer, the licensee is in breach of section 15, 16, 18, 19 or 20; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8540719 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (d) that }{\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 serious breaches of this Act or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 the Code or such enactments, Guidelines or Codes relating to money laundering or the financing of terrorism as may be prescribed have occurred in respect of the licensee or its business. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) Where the appointment of an auditor of a licensee is terminated, the auditor whose appointm}{\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 ent has been terminated shall -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8540719 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) forthwith inform the Commission of the termination of his appointment and disclose to the Commission the circumstances that gave rise to such termination; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8540719 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) if, but for the termination of his appointment, he would have reported information to the Commission under subsection (1), he shall report the information concerned to the Commission, as if his appointment had not been terminated. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) The Commission may require an auditor of a licensee to discuss any audit he has conducted or commenced with, or provide additional information regarding the aud}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8540719 it to, the Commission.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 \par (4) Where, in}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 good faith, an auditor or former auditor provides any information to the Co}{\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 mm}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 ission under subsection (1), (2) or (3), he is deemed not to be in contravention of any enactment, rule of law, agreement or professional code of conduct to}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8540719 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 which he is subject and no civil, criminal or disciplinary proceedings shall lie against him in respect thereof. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (5) The failu re, in good faith, of an auditor or former auditor to provide a report or any information to the Commission under subsection (1), (2) or (3) does not confer upon any other person a right of action against the auditor which, but for that failure, he would not have had. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (6) An auditor or former auditor who contravenes subsection (1) or (2) commits an offence and is liable on conviction to a fine not exceeding $20,000. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (7) For the purposes of subsection (1)(a), a licensed insurer is deemed to be insolvent if the total value of its assets does not exceed the total amount of its liabilities by at least the minimum margin of solvency that it is required to maintain under section 18. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid8209204 59. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid8209204 Powers of Commission re appointment of auditor}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid8209204 - (1) Where the Commission i s satisfied that the auditor of a licensee has failed to fulfil his obligations under this Act or is otherwise not a fit and proper person to act as the auditor of an insurer, it may, by written}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid8209204 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid8209204 notice to the licensee, revoke the approval of the appointmen t of the auditor and the licensee shall appoint a new auditor in accordance with section 56.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) A notice revoking the appointment of an auditor under subsection (1) shall be given to the auditor. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) If a licensee fails to appoint an auditor, the Commission may appoint a qualified person to act as the auditor of the licensee. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8540719 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) An auditor appointed under subsection (3) is deemed for the purposes of this Act to have been appointed by the licensee. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid14770197 60. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid14770197 Grou}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid3557263\charrsid14770197 p}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid14770197 accounts}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) Where a licensee is a member of}{\fs24\lang2057\langfe1033\langnp2057\insrsid3557263 a group of companies, the Comm}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 ission may require the licensee to submit group accounts. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3557263 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) The Commis}{\fs24\lang2057\langfe1033\langnp2057\insrsid3557263 sion may require that the}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 gr}{ \fs24\lang2057\langfe1033\langnp2057\insrsid3557263 oup accounts are audited by the}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 auditor of the licensee or by another auditor approved}{ \fs24\lang2057\langfe1033\langnp2057\insrsid2769188 by}{\fs24\lang2057\langfe1033\langnp2057\insrsid3557263 the }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 Com}{\fs24\lang2057\langfe1033\langnp2057\insrsid3557263 m}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 ission. \par \par (3) The Code may prov}{\fs24\lang2057\langfe1033\langnp2057\insrsid14296649 ide for the form and content of group accounts to }{\fs24\lang2057\langfe1033\langnp2057\insrsid10818451 be submitted un}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 der this section. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14296649 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11801337 61. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11801337 Auditor may rely on actuarial valuations}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - The auditor of a long-term insurer may accept, for the purposes of an audit under this Act, a valuation by the actuary appointed by the insurer of - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14296649 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14296649 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) the policy liabilities of the insurer as at the end of a financial year of the insurer; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14296649 {\fs24\lang2057\langfe1033\langnp2057\insrsid14296649 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14296649 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) a change, during a financial year, in the policy liabilities of the insurer in relation to a particular fund. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid14296649 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9577062 62. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9577062 Accounts and audit provisions of the International Companies Act and the Companies Act}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - Except to the extent that this Act or the regulations provide otherwise, sections 53 to 61 do not limit the application of the provisions of the International Com panies Act or the Companies Act relating to accounts and audit to a licensee that is subject to that Act, but in the event of any conflict between the provisions of this Act and either of the other Acts, this Act prevails. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12603389 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12603389 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid15950663 Genera}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12603389\charrsid15950663 l}{ \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid15950663 Supervisory Provisions \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid12603389 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9729151 63. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9729151 Conditions}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 - (1) In this section, }{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 condition}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 means a condition subject to which a licence is issued, or an approval is granted, by the Commission and includes a condition as varied in accordance with this section. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12603389 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (2) A licence may be issued, or an approval granted, by the Commission subject to such conditions as it considers appropriate. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12603389 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (3) If a licence is issued, or an approval granted, subject to one or more}{\fs24\lang2057\langfe1033\langnp2057\insrsid12603389 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 conditions - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12603389 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12603389 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) the Commission shall, together with the licence or approval, issue a written notice specifying the condition or conditions; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12603389 {\fs24\lang2057\langfe1033\langnp2057\insrsid12603389 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12603389 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) if, in respect of any conditions, it considers that it is in the public interest to do so, the Commission may state those conditions on the licence or approval. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid12603389 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (4) The Commission may, upon giving reasonable written notice to a licensee,}{\fs24\lang2057\langfe1033\langnp2057\insrsid12603389 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 at any time - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12603389 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12603389 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (a) vary or revoke any condition; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12603389 {\fs24\lang2057\langfe1033\langnp2057\insrsid12603389 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12603389 {\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 (b) impose new conditions on the licence or approval. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9911728 {\fs24\lang2057\langfe1033\langnp2057\insrsid12603389 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11550081 (5) A licensee may apply to the Commission in writing for a lice}{\fs24\lang2057\langfe1033\langnp2057\insrsid12854774 nce condition to be revoked or }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11550081 varied and, if the Commission is satisfied that the licence condition is no longer necessary or should be varied, it may revoke or vary the condition. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12854774 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11550081 (6) Where the Commission revokes o}{\fs24\lang2057\langfe1033\langnp2057\insrsid12854774 r varies a condition or imposes }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11550081 a}{\fs24\lang2057\langfe1033\langnp2057\insrsid9179416 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11550081 new licence condition, the licensee shall, if requested to do so by the Co}{\fs24\lang2057\langfe1033\langnp2057\insrsid12854774 mm}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11550081 ission, deliver its licence or approval to the Commission for re-issue. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12854774 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid11550081 (7}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid15933087 ) Where the Commission imposes a condition on a licence or approval, it ma y publish the condition in such manner as it considers appropriate.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9911728\charrsid9911728 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid866209 \par 64. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid866209 Filin}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid15933087\charrsid866209 g }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid866209 o}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid15933087\charrsid866209 f}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid866209 }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid15933087\charrsid866209 returns and reporting of information to}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid866209 Co}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid679921\charrsid866209 mm}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid866209 ission}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid866209 - (1}{\fs24\lang2057\langfe1033\langnp2057\insrsid10564788\charrsid866209 ) A license}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4877353\charrsid866209 e}{\fs24\lang2057\langfe1033\langnp2057\insrsid10564788\charrsid866209 }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid866209 shall report to the Commi}{ \fs24\lang2057\langfe1033\langnp2057\insrsid1003142\charrsid866209 ssion such information, or file with }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid866209 the Commission}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10564788\charrsid866209 such returns or }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid866209 documents, as may be prescribed by the Code within such }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10564788\charrsid866209 time and verified in such form }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid866209 and}{\fs24\lang2057\langfe1033\langnp2057\insrsid10564788\charrsid866209 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid866209 manner as may be prescribed. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10564788\charrsid866209 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid866209 (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid10564788\charrsid866209 If}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid866209 the Commission considers that any document furnished by a licensee under subsection (1) is inaccurate or incomplete, or is not prepared in accordance with this Act or the Code, it may by written notice require the}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 licensee to amend the document or to submit a replacement document. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10564788 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) A licensee who contravenes subsection (}{\fs24\lang2057\langfe1033\langnp2057\insrsid10564788 1) }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 or who fails to comply with a notice issued under subsection (2) commits an offence and is liable on conviction to a fine not exceeding $20,000. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4092184 65. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4092184 Advertisements}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) A licensee shall not issue, or ca}{\fs24\lang2057\langfe1033\langnp2057\insrsid3497641 use or permit to be issued, any}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 adverti sement, statement, brochure or other similar document which is misleading or which contains an incorrect statement of fact. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10564788 \par (2) I}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 f the Commission is of the opinion that any advertisement, statement, brochure or other similar document issued, or to be issu ed, by or on behalf of a licensee is misleading, contains a}{\fs24\lang2057\langfe1033\langnp2057\insrsid1012749 n incorrect statement of fact or}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 is contrary to the public interest, it may}{\fs24\lang2057\langfe1033\langnp2057\insrsid12329268 }{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10564788 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10564788 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) direct the licensee in writing not to issue the document or to withdraw it; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10564788 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10564788 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) authorise the licensee in writing to issue the document with such changes as the Commission may specify. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10564788 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) A l}{\fs24\lang2057\langfe1033\langnp2057\insrsid4733136 icensee that issues or causes or}{\fs24\lang2057\langfe1033\langnp2057\insrsid15620559 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 permits to be issued an advertisement, statement, brochure or other similar document intending it to misl ead or knowing that it contains an incorrect statement of fact, commits an offence and is liable on conviction - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10564788 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10035671 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) if the person is an individual, to a fine not exceeding $10,000 or impriso}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10564788\charrsid9253955 n}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 ment for a term not exceeding }{\fs24\lang2057\langfe1033\langnp2057\insrsid10564788 1}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 year, or both; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10035671 {\fs24\lang2057\langfe1033\langnp2057\insrsid10564788 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10035671 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) in any other case, to a fine not exceeding $50,000. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10564788 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (4) A licensee that issues or causes or permits to be issued an advertisement, statement, brochu}{\fs24\lang2057\langfe1033\langnp2057\insrsid10035671 re or other similar document -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10035671 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10035671 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) contrary to a direction or authorisation of the Commission under subsection (2); or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10035671 {\fs24\lang2057\langfe1033\langnp2057\insrsid10035671 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10035671 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) contrary to any provision of the Code; commits an offenc}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10035671 e and is liable on conviction -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10035671 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid10035671 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (i) if the person is an individual, to a fine not exceeding $10,000 or imprisonment for a term not exceeding }{\fs24\lang2057\langfe1033\langnp2057\insrsid15695351 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 year, or both; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10035671 {\fs24\lang2057\langfe1033\langnp2057\insrsid10035671 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid10035671 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (ii) in any other case, to a fine not exceeding $50,000. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4092184 66. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4092184 Change of name}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) A licensee shall not, without the prior written approval of the Commission - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15695351 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15695351 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) c}{\fs24\lang2057\langfe1033\langnp2057\insrsid4733136 hange the name under which he or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 it carries on business; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15695351 {\fs24\lang2057\langfe1033\langnp2057\insrsid15695351 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15695351 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) in the case of a corporate body, change its name. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15695351 {\fs24\lang2057\langfe1033\langnp2057\insrsid15695351 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid5600687 A licensee who contravenes subsection (1) commits an offence and is liable on conviction to}{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 a fine not exceeding $10,000.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4092184 67. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4092184 Commission ma}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid14706731 y}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid1519069 requ}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4092184 ire licensee to change name}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) The Co}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5600687 mm}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 ission m}{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 ay by written notice, direct }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 a}{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 licensee to change the name under wh}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5600687 ich it carries on business or }{\fs24\lang2057\langfe1033\langnp2057\insrsid13781554 under which it is incorporated}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 if the Commission is of t}{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 he opinion that the name is -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) identical to that of any other person, whether within or outside the Cook Islands, or which so nearly resembles that name as to be likely to deceive; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) otherwise misleading or undesirable. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid1732238 (2) A licensee who fails to comply with a direction of the Commission made under subsection (1) commits an offence and is liable on conviction to a fine not exceeding }{ \fs24\lang2057\langfe1033\langnp2057\insrsid1732238 $}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid1732238 10,000.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4092184 68. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4092184 Compliance visits}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid5600687 - (1) This section applies to -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) a licensee; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) a subsidiary or holding company of a licensee. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) The Commission may, for the purpose of supervising the licensed business carried on by a licensee in or from the Cook Islands}{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) inspect the premises and the business, whether in or outside the Cook Islands, including the procedures, systems and controls, of a person to whom this section applies; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) inspect the assets, including cash, belonging to or in the possession or control of a perso}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15684570 n to whom this section applies;}{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (c) examine and make copies of documents belonging to or in the possession or control of a person to whom this section applies being documents that, in the opinion of the Commission, relate}{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 to the carrying on of financial se}{\fs24\lang2057\langfe1033\langnp2057\insrsid15684570 rvices business by that person;}{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (d) use or cause to be used any computer system or data processing system in the premises to examine any data contained in or available to the system; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (e) reproduce any record, or cause it to be reproduced from the data, in the form of a printout or other intelligible output and remove the printout or other output for examination or copying; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (f) use or cause to be used any copying equipment in the premises to make copies of any record; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (g ) seek information and explanations from the directors, employees, agents and representatives of a person to whom this section }{\fs24\lang2057\langfe1033\langnp2057\insrsid15102193 applies, whether verbally or in}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 writing, and whether in preparation for, during or after a compliance visit. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) A person to who m this section applies shall permit any employee of the Commission or person appointed by the Commission for the purpose to have access during business hours to any of its business premises to enable that person to undertake a compliance visit. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (4) Any pe rson who wilfully obstructs or hinders or fails to co-operate with the Commission or any authorised person in the lawful exercise of the powers under this section commits an offe}{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 nc}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12329268 e and is liable on conviction -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) if the person is an individual, to a fi ne not exceeding $20,000 or imprisonment for a term not exceeding 2 years, or both; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) in any other case, to a fine not exceeding $100,000. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid11883949 69}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12329268 . }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12329268 Participa}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid5600687\charrsid12329268 ti}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12329268 on of foreign regulatory authority}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12329268 - (1}{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687\charrsid12329268 ) Subject to subsection}{\fs24\lang2057\langfe1033\langnp2057\insrsid12329268 (2), the }{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687\charrsid12329268 Commi}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12329268 ssion may, upon the request of a forei}{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687\charrsid12329268 gn regulatory authority, permit that authority }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12329268 to}{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687\charrsid12329268 }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12329268 take part in a compliance visit undertaken by the Commission under se}{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687\charrsid12329268 ction 68.}{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) The Commission shall not permit a foreign regulatory authority to take part}{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 in a compliance inspection under section 68 unless it is of the op}{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 inion that the participation of t}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 he foreign regulatory authority is reasonably required - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) for the effective supervision of the licensee; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5600687 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) for the purposes of the regulatory or super}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12268604 visory functions of the foreign }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 regulatory authority. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid5600687 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) In deciding whether or not to permit a foreign regulatory authority to take part in a compliance visit under this section, the Commission may take into account, in particular, whether the foreign regula tory authority is subject to adequate legal restrictions on further disclosure and, in particular, whether it is likely, without the written permission of the Commission - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12268604 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12268604 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) to disclose information obtained or documents examined or obtained during the compliance inspection to any person other than an officer or employee of the authority engaged in prudential supervision; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12268604 {\fs24\lang2057\langfe1033\langnp2057\insrsid12268604 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12268604 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) to take any action on information obtained or documents examined or obtained during the compliance inspection. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12268604 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (4) For the purposes of this section, }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 foreign regulatory authority}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 means an authority in a country or territory outside the Cook Islands which exercises - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12977566 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12977566 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) a function corresponding or similar to a function exercised by the Commission; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12977566 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12977566 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) a function that, in the opinion of the Commission, relates to the supervision or regulation of any business or activity required to be licensed under this Act. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12977566 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12977566 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12464162 PART 5}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12977566\charrsid12464162 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12464162 ENFORCEMENT}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12977566 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12977566 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid13852469 70.}{\fs24\lang2057\langfe1033\langnp2057\insrsid12977566\charrsid13852469 }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12977566\charrsid13852469 Interpretation for this Part}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12977566 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 In this Part, }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 licensee}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 means a licensed insurer, a licensed insurance intermediary or a licensed insurance manager. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12977566 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid13852469 71. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid13852469 Enforcement action}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) The Commission may take enforcement action against a licensee if - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) in the opinion of the Commission, the licensee - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (i) has contravened or is in contravention of this Act or the Code; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (ii) is carrying on, or is likely}{\fs24\lang2057\langfe1033\langnp2057\insrsid12464162 to carry on, business in a man}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 ner detrimental to the public interest or to the interest of any of its policyholders or potential policyholders, customers or potential customers or creditors; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (iii) is or is likely to become insolvent; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (iv) has failed to comply with a directive given to it by the Commission within the time specified; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (v) is in breach of any condition of its licence; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (vi) }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 has provided the C}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12529428 o}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 mission with any false}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12529428\charrsid12329268 , }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12329268 inaccurate}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid12329268 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12329268 o}{\fs24\lang2057\langfe1033\langnp2057\insrsid12329268 r}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12329268 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12329268 misleadin}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid12329268 g}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 information,}{\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 whether on making application }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 fo}{\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 r a licence }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 subseque}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12529428 nt to the issue of the licence;}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (vii) does not satisfy the Commission}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 s fit and proper criteria; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 (b) the licensee -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (i) is compulsorily wound up; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (ii) has passed a resolution for voluntary winding up; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (iii) is dissolved; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (c) a receiver and/or manager has been appointed in respect of the business carried on by the licensee; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (d) possession has been taken of any of the licensee}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 s property by or on behalf of the holder of a debenture secured by a registered charge; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (e) in the opinion of the Commission, a person - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (i) who has a share or interest in the licensee, whether equitable or legal, or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (ii) who is a director, officer or key functionary of the licensee;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2952992 {\fs24\lang2057\langfe1033\langnp2057\insrsid2952992\charrsid9253955 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid12329268 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 does not satisfy the Commission}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 s fit and proper criteria; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (f}{\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 )}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 in the opinion of the Commission, the licensee has refused or failed to co-operate with the Commission on a compliance visit conducted by the Commission; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (g) the Commission is entitled to take enforcement action under a provision in another Act. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) For the purposes of subsection (1)(a)(iv), a licensed insurer is deemed to be insolvent if the total value of its assets does not exceed the total amount of its liabilities by at least the minimum margin of solvency that it is required to maintain under section 1 8. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) If the Co}{\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 mm}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 ission is entitled to take enforcement action under subsection (1) it may exercise one or more of the following powers - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) revoke the licensee}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 s licence under section 72; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) issue a directive under section 74; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (c) appoint an examiner to conduct an investigation under section 75; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (d) appoint a qualified person under section 76; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (e) apply to the Court for a protection order under section 77; }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12529428 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (f}{\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 )}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 petition the Court for the winding up of the licensee under }{\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 section 219}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 o}{\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 f}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 the Compa}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12529428 nies Act or, section 158 of}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 the International Companies Act. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12529428 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid7172889 72. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid7172889 Revocation of licence}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) The Commission may at any time revoke a licensee}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 s licence if - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2379768 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2379768 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) it is entitled to take enforcement action against the licensee under section 71; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2379768 {\fs24\lang2057\langfe1033\langnp2057\insrsid2379768 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2379768 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) the licensee h}{\fs24\lang2057\langfe1033\langnp2057\insrsid2379768 as, within a reasonable period}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 failed to commence or has ceased to carry on the business for which it w}{\fs24\lang2057\langfe1033\langnp2057\insrsid2379768 a}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 s licensed; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2379768 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid2379768 c) the licensee makes written application to the }{\fs24\lang2057\langfe1033\langnp2057\insrsid8655082 Commission for}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 its licence to be revoked. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid2379768 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) Subject to subsection (3), before revolting a licence under paragraphs (a) or }{\fs24\lang2057\langfe1033\langnp2057\insrsid2379768 (}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 b) of subsection (1), the Commission shall give written notice to the licensee stating - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2379768 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2379768 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) the grounds upon which it intends to revoke the licence; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2379768 {\fs24\lang2057\langfe1033\langnp2057\insrsid2379768 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2379768 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) that unless the licensee, by written n otice filed with the Commission, shows good reason why its licence should not be revoked, the licence will be revoked on a date not less than twenty one days after the date of the notice. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid2379768 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) A licensee that receives a notice under subsection (2) may, wit hin fourteen days of receiving the notice, submit a written notice to the Commission setting out the reasons why its licence should not be revoked. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2379768 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (4) The Commission may revoke the licence of a licensee - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2379768 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2379768 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) if the licensee does not submit a written notice to the Commission under subsection (3); or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2379768 {\fs24\lang2057\langfe1033\langnp2057\insrsid2379768 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2379768 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) leaving taken into account the submission made by the licensee, the Commission is of the }{ \fs24\lang2057\langfe1033\langnp2057\insrsid15620559 opinion that it has failed to sh}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 ow good reason why its licence should not be revoked. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid2379768 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (5) If, on the application of the Commission, the Court is satisfied that it }{\fs24\lang2057\langfe1033\langnp2057\insrsid986605 is in the public interest or in}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 the interests of any of the policyholders or potential policyholders, customers or potential customers or creditors of a licensee that subsections (2) to (4) should}{ \fs24\lang2057\langfe1033\langnp2057\insrsid2379768 }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 not have effect or that the period referred to in paragraph (b) of subsection (2) should be reduced, it may so order. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2379768 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid2379768 6}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 ) All application under subsection (5) may be made on all ex parte basis or upon such notice as the Court may require. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2379768 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid1510491 73. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid1510491 Notice and effect of revocation}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) Where the Commission revokes the licence of a licensee, it shall give written notice of the revocation to the licensee. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) A revocation of a licence takes effect on}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) the}{\fs24\lang2057\langfe1033\langnp2057\insrsid3738273 date the notice referred to in}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 subsection (1) is given to the licensee; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) such later date as may be specified by the Commission in the notice. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) On the revocation of its licence, the licensee must forthwith return to the Commission the original licence and all copies of the licence in its custody or control. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4284746 74. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid1510491 Directives}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) Where the Commission is entitled to take enforcement action against a licensee, the Commission may issue a directive - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) imposing a prohibition, restriction or limitation on the business that may be undert}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10436140 aken by the licensee, including}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 }{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (i) that the licensee shall cease to engage in any class or type of business; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (ii) that the licensee shall not enter into a}{ \fs24\lang2057\langfe1033\langnp2057\insrsid1012759 ny new contracts for any class o}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 r type of business; }{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) requiring that any director, key employee or person having func}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10436140 tions in re}{\fs24\lang2057\langfe1033\langnp2057\insrsid5251087 lation to a licensee be removed}{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 and replaced}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 by another person acceptable to the Commission; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (c)}{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 requiring the licensee to take }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 s}{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 uch}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 other action as the Commis}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10436140 sion considers may be necessary}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (i) to protect the property of, or in the custody, possession or control of, the licensee; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (ii) to protect policyholders or potential policyholders, customers or potential customers or creditors of the licensee; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (iii) to enable t}{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 he licensee to comply with its}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 obligat}{\fs24\lang2057\langfe1033\langnp2057\insrsid2385809 ions under this Act or the Code.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) A directive issued under subsection (1) may include one or more of the matters set out in paragraphs (a), (b) or (c) of that subsection. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) Where it appears to the Commission that a person is carrying on unauthorised business, the Commission may issue a directive to that person - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) requiring him to cease carrying on that business; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) requiring him to take such other action as the Commission considers may be necessary to prote ct his property, or property in his custody, possession or control, or to protect his policyholders or potential policyholders, customers or potential customers or creditors of him. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140\charrsid4284746 75. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10436140\charrsid7690071 App}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid7690071 ointment of examiner}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) The Commission may by notice in writing appoint one or more competent persons as examiners to conduct an investigation on its behalf}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5599477 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) where it appears to the Commission that there are, or may be, grounds for taking enforcement action against the licensee; or }{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) where it appears to the Commission that any person is carrying on, or has carried on, unauthorised business. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) The matters investigated by an examiner appointed under subsection (1) may include one or more of the following - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) the nature, conduct or state of the business of the person under investigation; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) a particular aspect of the business of the person under investigation; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (c) the ownership or control of the person under investigation; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (d) in the case of a licensee, whether there are grounds for taking enforcement a ction against the licensee; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (e) in the case of any other person, whether that person is carrying on, or has carried on, unauthorised business. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) Subject to subsection (4), an examiner appointed under th is section shall have the powers of the Commission under section 20 of the Financial Supervisory Commission Act, excluding subsection (3). \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9117045 (4) The Commission may give directions to the examiner concerning any one or more of the following}{\fs24\lang2057\langfe1033\langnp2057\insrsid2952992\charrsid9117045 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9117045 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140\charrsid9117045 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9117045 (a) the scope of the investigation; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140\charrsid9117045 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9117045 (b) the }{\fs24\lang2057\langfe1033\langnp2057\insrsid10436140\charrsid9117045 period for the conduct of the in}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9117045 vestigation; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140\charrsid9117045 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10436140 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9117045 (c) the manner in which the examiner shall report to it. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10436140\charrsid9117045 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9117045 (5) An examiner appointed }{\fs24\lang2057\langfe1033\langnp2057\insrsid9117045 under subsection (1) may, if he}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9117045 considers it necessary for the purposes of his investigation, also investigate the business of any person who is, or at any relevant time has been -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3364680 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3364680 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid3364680 a) a m}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 ember of the group of which th}{\fs24\lang2057\langfe1033\langnp2057\insrsid3364680 e person un}{\fs24\lang2057\langfe1033\langnp2057\insrsid2952992 der investigation is a part; or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3364680 {\fs24\lang2057\langfe1033\langnp2057\insrsid3364680 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3364680 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) a part}{\fs24\lang2057\langfe1033\langnp2057\insrsid3364680 ner in a partnership of which the person under}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 investigation is also a partner. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid3364680 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (6) Where a person appointed as an examine}{\fs24\lang2057\langfe1033\langnp2057\insrsid3364680 r under this section is not a m}{\fs24\lang2057\langfe1033\langnp2057\insrsid12911239 ember or officer of the }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 Commission he shall, unless otherwise agreed between him and the Commission, be remunerated on such terms as the Commission may determine. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3364680 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (7) An examiner shall submit a report of his i}{\fs24\lang2057\langfe1033\langnp2057\insrsid2952992 nvestigation to the Commission.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid3364680 \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (8) The Commission may direct that the cost an}{\fs24\lang2057\langfe1033\langnp2057\insrsid3364680 d expenses of and incidental to }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 an investigation under this section, or any part of them, are paid for by the person to whom the investigation relates. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3364680 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3364680\charrsid4284746 76. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid3364680\charrsid13376840 Appointment of qualified }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid13376840 person} {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) Where it appears to the Commission that there are, or may be, grounds for taking enforcement action against a licensee, it may, by notice in writing, require the licensee to appoint a qualified person, at the cost of the licensee}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3364680 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3364680 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) to advise the licensee on the proper conduct of his business and affairs; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3364680 {\fs24\lang2057\langfe1033\langnp2057\insrsid3364680 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3364680 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) to provide the Commission with a report on, or on any aspect of, the licensee}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 s business and affairs. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid3364680 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) The Commission may require the report provided under subsection (1) to be in such form as may be specified in the notice. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8196061 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) The person appointed under s}{\fs24\lang2057\langfe1033\langnp2057\insrsid2952992 ubsection (1) shall be a person}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid2952992 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid8196061 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8196061 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) nominated or }{\fs24\lang2057\langfe1033\langnp2057\insrsid2952992 approved by the Commission; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid8196061 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8196061 {\fs24\lang2057\langfe1033\langnp2057\insrsid8196061 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8196061 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) appearing to the Commission to have the skills necessary to make a report on the matter concerned. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid8196061 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (4) Any person who is providing, or who at any time has provided, services to a licensee i n relation to a matter on which a report is required, shall give the person appointed to prepare the report all such assistance as he may reasonably require. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9589443 77. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9589443 Protection order}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9589443 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (1) The Commission may apply to the Court for a protection order under this section with respect to - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) a licensee where i}{\fs24\lang2057\langfe1033\langnp2057\insrsid13712823 ts licence is about to be }{\fs24\lang2057\langfe1033\langnp2057\insrsid13712823\charrsid2894504 revoked}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 or where the Commission is entitled to take enforcement action against the licensee under section 71; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) a former licensee; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (c) a person carrying on unauthorised business. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) On an application made under subsection (1), the Court may make such order as it considers necessary to protect or preserve the business or property of the person with respect to whom the application is made, or the interests of its policyholders or potential policyholders, customers or p}{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 otential customers, creditors or the }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 public including - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 (a) an order preventing}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 the person concerned or any other person from transferring, disposing of or otherwise dealing with property belonging to him or in his custody or control; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) an order appointing an administrator to take over and manage the business then carried on by the person concerned; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (c) an order granting the Commission a search warrant and an order fo r the seizure of specified documents or documents of a specified type or description; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 (d) }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 where the person co}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11608248 ncerned}{\fs24\lang2057\langfe1033\langnp2057\insrsid2952992 }{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 is in contravention of this Ac}{\fs24\lang2057\langfe1033\langnp2057\insrsid2952992 t }{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 or}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 the Code, an order requiri}{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 ng the person concerned to take }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 such action,}{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 or to refrain from taking such}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 ac}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11608248 tions as is necessary to}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 bring him back into compliance with this Act }{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 or the Code.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) Without limiting subsection (2)(b), an ord}{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 er made under that subsection }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 shall specify the powers of an administrator, which may include the powers of a licensee un der this Act or of a liquidator under the Companies Act or the International Companies Act and may - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) require an administrator to provide security to the satisfaction of the Court; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) fix and provide for the remuneration of the administrator; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (c) re quire such persons as it considers necessary to appear before the Court for the purposes of giving information or producing records concerning the licensee or the busi}{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 ness carried on by the licensee.} {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (4) An order made under subsection (2)(b) shall make provision for reports to be submitted by the administrator to the Court and to the Commission. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 5}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 ) The Court may on its own motion or on the application of the }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 Commission or the administrator}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) give directions to the administrator concerning the exercise of his powers; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) vary the powers of the administrator; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (c) terminate the ap}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 pointment of the administrator.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (6) An application u}{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 nder subsection (1) may be made}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid11608248 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) on an ex parte basis or upon such notice as the Court may require; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11608248 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) before the Commission has given notice of intention to revoke a licence under section 72. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid11608248 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9589443 78. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9589443 Public statements}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) Where the Commission is entitle d to take enforcement action against a licensee or a former licensee, the Commission may issue a public statement in such manner as it considers fit setting out the reasons for the enforcement action and the enforcement action that it intends to take, or has taken. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15760969 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) Where it considers it in the public interest to do so, the Commission may issue a public statement in such manner as it considers fit with respect to - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15760969 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15760969 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) any person who, in the opinion of the Commission, is carrying on, intends to carry o n or is likely to carry on, unauthorised business including as to any action that the Commission intends to take or has taken against that person; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15760969 {\fs24\lang2057\langfe1033\langnp2057\insrsid15760969 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15760969 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) any person who, not being a licensee, is holding himself out as a licensee; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15760969 {\fs24\lang2057\langfe1033\langnp2057\insrsid15760969 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15760969 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (c) any matter relating to license}{\fs24\lang2057\langfe1033\langnp2057\insrsid8278499 d business where the Commission}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 considers that the statement is desirable for - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid15760969 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15760969 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (i) the protection of the public, whether within or ou}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15760969 tside the Cook Islands, against }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 financial loss arising out of the dishonesty, incompetence, malpractice or insolve ncy of persons engaged in a licensed business in the Cook Islands; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15760969 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (ii) the protection and enhancement of the reputa}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15760969 tion of the Cook Islands as a financial }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 serviced}{\fs24\lang2057\langfe1033\langnp2057\insrsid15760969 centre; and}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid15760969 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15760969 {\fs24\lang2057\langfe1033\langnp2057\insrsid15760969 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 iii) the reduction of crime and other unlawful activities relating to licensed business. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid15760969 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) Where a public statement is to be issued under this section in relation to a licensee or a former licensee, the Commission shall give that person seven days written notice of its intention to issue the public statement and the reasons for the issue of the statement. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15760969 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (4) If, on the application of the Commission, the Court is satisfied that it is in the public interest or to the interests of any of the policyholders or potential policyholders, customers or potential customers or credi tors of a licensee or former licensee that subsection (3) should not have effect or that the period referred to in that subsection should be reduced, it may so order. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15760969 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid15760969 5}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 ) An application under subsection (4) may be made on an ex parte basis or upon such notice as the Court may require. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15760969 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15760969 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4225923 PART 6}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid15760969\charrsid4225923 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4225923 LIQUIDATION AND STRIKE OFF \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid15760969\charrsid4225923 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4225923 79. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4225923 Interpretation for this Part}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4225923 - In this Part -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16646559 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16646559 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 company}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 means a company incorporated under the Companies Act; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16646559 {\fs24\lang2057\langfe1033\langnp2057\insrsid16646559 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16646559 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 means a Cook Islands company that is, or at any time has been, a licensed insurer and }{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 general insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 and }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 long-term insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 shall be construed accordingly; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16646559 {\fs24\lang2057\langfe1033\langnp2057\insrsid16646559 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16646559 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 international company}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 means an international company incorporated under the International Companies Act; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16646559 {\fs24\lang2057\langfe1033\langnp2057\insrsid16646559 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16646559 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 relevant insurance intermediary}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 means a Cook Islands company that is, or that at any time in the previous two years has been, a licensed insurance intermediary; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16646559 {\fs24\lang2057\langfe1033\langnp2057\insrsid16646559 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16646559 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 relevant insurance manager}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 means a Cook Islands company that is, or that at any time in the previous three years has been, a licensed insurance manager; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16646559 {\fs24\lang2057\langfe1033\langnp2057\insrsid16646559 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16646559 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 unlicensed insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 means a Cook Islands company that has, at no time, held an insurance licence but which is carrying on insurance business. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid16646559 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9589443 80. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9589443 Winding u}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6307671\charrsid9589443 p}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9589443 of insurers}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4225923 , }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4225923\charrsid9589443 insurance}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9589443 intermediaries and insurance managers}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 - The provisions of -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6307671 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6307671 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) the Companies A}{\fs24\lang2057\langfe1033\langnp2057\insrsid6307671 c}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 t relating to the winding up of companies;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6307671 }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6307671 {\fs24\lang2057\langfe1033\langnp2057\insrsid6307671 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6307671 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) the International Companies Act relating to the winding up of}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6307671 international companies; }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4225923 are modified in respect of }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 insurers, relevant insurance intermediaries and relevant insur}{ \fs24\lang2057\langfe1033\langnp2057\insrsid276876 ance}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 managers to the extent s}{\fs24\lang2057\langfe1033\langnp2057\insrsid276876 pecified in this Part.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid1652149 81. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid1652149 Restrictions on voluntary winding up}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) A long-term insurer shall}{\fs24\lang2057\langfe1033\langnp2057\insrsid276876 not be wound up voluntarily -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid276876 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid276876 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) in the case of a company, under Part V}{\fs24\lang2057\langfe1033\langnp2057\insrsid276876 I}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 , Division (iii) of the Companies Act; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid276876 {\fs24\lang2057\langfe1033\langnp2057\insrsid276876 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid276876 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) in the case of an international company, under Part IX, Division 3 of the International Companies. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid276876 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) A general insurer, a relevant insurance intermediary and a relevant insurance manager sh}{\fs24\lang2057\langfe1033\langnp2057\insrsid4084601 all not be wound up v}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5599477 oluntarily -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4084601 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4084601 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12996464 (a) in the case of a company, under Part VI, Division (iii) of the Companies Act; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4084601 {\fs24\lang2057\langfe1033\langnp2057\insrsid4084601\charrsid12996464 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4084601 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12996464 (b) in the case of an international company, under Part IX, Division 3 of the International Companies}{\fs24\lang2057\langfe1033\langnp2057\insrsid4084601\charrsid12996464 }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12996464 unless the Commission has given its prior written consent.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid4084601 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) Any resolution for voluntary winding up passed by the members of an insurer, a relevant insurance intermediary or a relevant insurance manager in breach of subsection (1) or (2) is void and of no effect.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9595926\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (4) Where the members of a general insurer, a relevant insurance intermediary or a relevant insurance manager pass a resolution for voluntary winding up in accordance with subsection (2), the Commission may by notice in writing direct the liquidator to ad vertise his appointment in such manner as is specified in the notice.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9595926\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (5) A liquidator who fails to advertise his appointment in accordance with a direction of the Commission issued under subsection (4) commits an offence and is liable on conviction to a fine not exceeding $10,000. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid2952992 82. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid1652149 Circumstances in which Commission may present winding up }{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid283103\charrsid1652149 petition}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) The Commission may present a petition under section 219 of the Companies Act or section 158 of the International Companies Act, as the case may be, for the winding up by the Court}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1003607\charrsid9253955 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1003607 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) of an unlicensed insurer; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1003607 {\fs24\lang2057\langfe1033\langnp2057\insrsid1003607\charrsid9253955 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1003607 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) of an insurer, a relevant insurance intermediary or a relevant insurance manager if it is entitled to take enforcement action against the insurer under Part 6;}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1003607 {\fs24\lang2057\langfe1033\langnp2057\insrsid1003607\charrsid9253955 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) On a petition presented under subsection (1), the Court may make an order for the winding up of the company concerned }{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1003607\charrsid9253955 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1003607 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) on the grounds that the company is unable to pay its debts; or }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10687323 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10687323 {\fs24\lang2057\langfe1033\langnp2057\insrsid10687323 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1003607 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) on the grounds that it is in the public interest for the company to be wound up.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1003607 {\fs24\lang2057\langfe1033\langnp2057\insrsid1003607\charrsid9253955 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) For the purposes of subsection (2}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15938515\charrsid9253955 ) (}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 b), the public interest includes the interests of the policyholders of an insurer.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15938515\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (4) An insurer is deemed to be unable to pay its debts if the total value of its assets does not exceed the total amount of its liabilities by at least the minimum margin of solvency that it is required to maintain under section 18. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4284746 83. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid6972143 Service on Commission}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - A pet}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15938515 ition for the winding up of an insurer, }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 a relevant insurance intermediary or a relevant insurance manager shall, if prese}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15938515 nted by a person other than the }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 Co}{\fs24\lang2057\langfe1033\langnp2057\insrsid15938515 mmission}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 , be served on the Commission and the Commission is entitled to appear and be heard a}{\fs24\lang2057\langfe1033\langnp2057\insrsid5644472 t the hearing of the petition. }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5644472\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4284746 84. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9384065 Reduction of contracts as alternative to winding u}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid5644472\charrsid9384065 p}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - Where on the hea}{\fs24\lang2057\langfe1033\langnp2057\insrsid6886294 r}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 ing of a petition for the winding up of an insurer, the Court is satisfied that the insurer is unable to pay its debts, it may reduce the amount of the insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 s contracts on such conditions as it considers just, instead of }{\fs24\lang2057\langfe1033\langnp2057\insrsid546051 ma}{ \fs24\lang2057\langfe1033\langnp2057\insrsid546051\charrsid9253955 king}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 an order for the winding up of the insurer.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6886294\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16326915\charrsid4284746 85. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid16326915\charrsid741313 Continuation of lon}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11087442 g}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid16326915\charrsid741313 -term}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid741313 business by }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6886294\charrsid741313 liquidator}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16326915 - (1) The liquidator of a long-}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 term insurer shall, unless the Court otherwise orders, carry on the long-term business of the insurer with a view to it being transferred as a going concern to another insurer, whether in existence or to be incorporated for the purpose.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3089345\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) In carrying on the insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 s long-term business under subsection (1), the liquidator may agree to the variation of any contracts of insurance at the commencement of the winding up, but he shall not effect any new contracts of insurance.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3089345\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) On the application of the li quidator of a long-term insurer, the Court may by order reduce the amounts of the contracts made by the insurer in the course of carrying on its long-term business.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3089345\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (4) An order under subsection (3) may be made subject to such conditions as the Court considers appropriate.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3089345\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid133892 5) The liqu}{\fs24\lang2057\langfe1033\langnp2057\insrsid3089345\charrsid133892 idator of a long-term insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5599477 }{\fs24\lang2057\langfe1033\langnp2057\insrsid3089345\charrsid133892 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid133892 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3089345\charrsid133892 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3089345 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid133892 (a) may appoint an actuary to investigate and report to him on the long-term business of the insurer and, if appropriate, to conduct actuarial valuations of the business; and}{ \fs24\lang2057\langfe1033\highlight4\langnp2057\insrsid10314425\charrsid3089345 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3089345 {\fs24\lang2057\langfe1033\highlight4\langnp2057\insrsid3089345\charrsid3089345 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3089345 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid133892 (b) may apply to the court for the appointment of a manager to manage the business of the insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3089345 {\fs24\lang2057\langfe1033\langnp2057\insrsid3089345\charrsid9253955 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (6) A m}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 anager appointed by the Court -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8872107\charrsid9253955 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8872107 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) shall act in accordance with such directions that may be given to him by the Court;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid8872107\charrsid9253955 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8872107 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) shall give such security and account in such manner as the court may direct; and}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid8872107\charrsid8872107 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8872107 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid8872107 (c) is entitled to be paid such remuneration as may be fixed by the Court. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid8872107\charrsid2952992 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4284746 86. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid16331202 Protection of segregated funds and assets}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid16331202 - (1)}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 Notwithstanding any provision in the Companies Act or the International Companies Act, in the winding up of a long-term insurer }{\fs24\lang2057\langfe1033\langnp2057\insrsid10297033 un}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 der either Act, the assets of the funds maintained by the insurer in respect of its}{\fs24\lang2057\langfe1033\langnp2057\insrsid2952992 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 long-term business shall first be applied to meet the insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 s long-term liabilities attributable to such funds.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8872107\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) If the value of the assets r}{\fs24\lang2057\langfe1033\langnp2057\insrsid8872107 eferred }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 to in }{ \fs24\lang2057\langfe1033\langnp2057\insrsid8872107 subsection }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (1) exceeds the amount of the long-term liabilities of the insurer attributable to such funds, the excess is an asset of the insurer available for distribution in accordance with the Companies Act or the International Companies Act, as the case may be. \par \par (3) Where the Court makes a windi}{\fs24\lang2057\langfe1033\langnp2057\insrsid142517 ng up order under the Companies Act or }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 the International Companies Act in respect of a long-te rm insurer requiring a perso}{\fs24\lang2057\langfe1033\langnp2057\insrsid142517 n to repay , restore or account for money }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 or other assets, to pay compensation to the}{ \fs24\lang2057\langfe1033\langnp2057\insrsid142517 }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid10038782 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 or}{\fs24\lang2057\langfe1033\langnp2057\insrsid10038782 }{\fs24\lang2057\langfe1033\langnp2057\insrsid142517 to }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 pay}{\fs24\lang2057\langfe1033\langnp2057\insrsid142517 }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 interest to the insurer, the Court shall, insofar as the delinquency relates to assets belonging to the insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 s long-term funds, order that the money, assets or contribution is to be treated for the purposes of subsection (1) as assets of those funds. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4284746 87. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid16331202 Strike off notices}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid394542 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) }{\fs24\lang2057\langfe1033\langnp2057\insrsid142517 The Registrar of International Companies shall se rve on the Commission a copy of any letter or notice that he sends to an insurer under section 197 of the International Companies Act and the Registrar of companies shall serve on the Commission a copy of any letter or notice that he sends to an insurer u nder the }{\fs24\lang2057\langfe1033\langnp2057\insrsid9843950 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid142517 ompanies Act. \par \par (2) The Registrar of International Companies and the Registrar of Companies shall not strike the name of an insu}{\fs24\lang2057\langfe1033\langnp2057\insrsid14561138 rer from the respective registers of international companies and companies without the prior written consent of the Commission.}{\fs24\lang2057\langfe1033\langnp2057\insrsid142517 \par \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14561138 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid14561138\charrsid14561138 PART 7 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid14561138 MISCELLANEOUS PROVISIONS \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid14561138\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4284746 88. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid16331202 Restriction on use of certain names and terms}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) Subject to subsections (2) and (3), no person shall, except with the written authority of the Commission or unless authorised by another enactment}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5599477 }{\fs24\lang2057\langfe1033\langnp2057\insrsid2952992 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1204206\charrsid9253955 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1204206 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) use, whether in the name under which he is registered or in the description or title under which he carries on business in or from the Cook Islands }{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1204206 {\fs24\lang2057\langfe1033\langnp2057\insrsid1204206\charrsid9253955 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid1204206 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (i) the words }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 insurance}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 , }{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 assurance}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 or }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 underwrite}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 or any combination or derivative thereof; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1204206 {\fs24\lang2057\langfe1033\langnp2057\insrsid1204206\charrsid9253955 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid1204206 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (ii) any other word or phrase prescribed as a word or phrase that suggests insurance business or the business of insurance management or of an insurance intermediary; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1204206 {\fs24\lang2057\langfe1033\langnp2057\insrsid1204206\charrsid9253955 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1204206 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) make any representation, whether in a document or in any other manner, that is li kely to suggest t}{\fs24\lang2057\langfe1033\langnp2057\insrsid10637547 hat he is carrying on, or that h}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 e is licensed or}{\fs24\lang2057\langfe1033\langnp2057\insrsid1204206 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 otherwise entitled to carry on}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4284746 {\fs24\lang2057\langfe1033\langnp2057\insrsid1204206\charrsid9253955 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid1204206 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (i) insurance business; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid1204206\charrsid9253955 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13895308 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (ii) business as an insurance manager or an insurance intermediary.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1204206 {\fs24\lang2057\langfe1033\langnp2057\insrsid1204206\charrsid9253955 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) Subsection (1) does not apply to a licensed insurer, a licensed insurance manager or a licensed insurance intermediary, provided that the name under which it is registered or the name which it uses does not suggest that it carries on any business required}{\fs24\lang2057\langfe1033\langnp2057\insrsid9453721 }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 to be licensed under this Act other than the business that it is authorised by its licence to carry on.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9453721\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) A person who contravenes subsection (1) commits an offence and is liable on conviction to a fine not exceeding $10,000.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9453721\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid10637547 89. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid10637547 Incorporation and change of name of companies}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid10637547 - The Registrar of International Companies and the Registrar of Companies shall not register a company under, or register a change of name of a Cook Islands company to a name that includes}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5599477\charrsid10637547 }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid10637547 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid8980350 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8980350 {\fs24\lang2057\langfe1033\langnp2057\insrsid12212790\charrsid8980350 (a) the }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid8980350 words }{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid8980350 insurance}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid8980350 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid10828915 }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10828915 assurance}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10828915 or }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10828915 underwrite}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10828915 or any}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid8980350 combination or de}{ \fs24\lang2057\langfe1033\langnp2057\insrsid271335\charrsid8980350 rivative}{\fs24\lang2057\langfe1033\langnp2057\insrsid271335 thereof, or }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10828915 {\fs24\lang2057\langfe1033\langnp2057\insrsid10828915\charrsid9253955 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10828915 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) any other word or phrase prescribed under section 88(1)(a)(ii), unless he is satisfied that the company is a licensee, that the Commission has approved the use of the name by the company or that the company is a uthorised by some other enactment to use the name.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10828915 {\fs24\lang2057\langfe1033\langnp2057\insrsid10828915\charrsid9253955 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16523700 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid2904367 Administration \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10828915\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid11939870 90. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid11939870 A}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11275150\charrsid11939870 pplications}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid11939870 }{\fs24\lang2057\langfe1033\langnp2057\insrsid11275150\charrsid11939870 - (1}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid11939870 ) Every application made under this Act }{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477\charrsid11939870 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid11939870 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11275150\charrsid11939870 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11275150 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid11939870 (a) shall be in writing and, where a form has been approved under Section 97, shall be in the approved form; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11275150 {\fs24\lang2057\langfe1033\langnp2057\insrsid11275150\charrsid11939870 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11275150 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid11939870 (b) shall have included with it such documentation or information as may be specified by this Ac}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11275150\charrsid11939870 t, the regulations or the Code. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11275150 {\fs24\lang2057\langfe1033\langnp2057\insrsid11275150\charrsid11939870 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid11939870 (2) The Commission may require an applicant to furnish it with such documentation and information, in addition to that specified in subsection (1)(b}{\fs24\lang2057\langfe1033\langnp2057\insrsid7295900\charrsid11939870 ), as it reasonably requires to }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid11939870 determine the application and any such information shall be in such form as the Commission may require.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid7090024 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7090024 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid7090024 (3) If, before the determination by the Commission of an application}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid7295900\charrsid7090024 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid7090024 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7090024 {\fs24\lang2057\langfe1033\langnp2057\insrsid7090024 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7295900 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid7090024 (a) there is a material ch ange in any information or documentation provided by or on behalf of the applicant to the }{\fs24\lang2057\langfe1033\langnp2057\insrsid7090024\charrsid7090024 Commission}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid7090024 in connection with the application; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7090024 {\fs24\lang2057\langfe1033\langnp2057\insrsid7090024 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7295900 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid7090024 (b) the applicant discovers that any such information or documentation is incomplete, inaccurate or misleading;}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4284746 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid7090024 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid7090024 the applicant shal}{\fs24\lang2057\langfe1033\langnp2057\insrsid8204599\charrsid7090024 l forthwith give the Commission}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid7090024 written particulars of the change or of the incomplete, inaccurate or misleading information or documentation. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7090024 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5915418 91. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5915418\charrsid5915418 Registers}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) The Commission shall maintain - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5915418 {\fs24\lang2057\langfe1033\langnp2057\insrsid5915418 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5915418 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) a Register of Licensed Insurers; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5915418 {\fs24\lang2057\langfe1033\langnp2057\insrsid5915418 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5915418 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) a Register of Licensed Managers; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5915418 {\fs24\lang2057\langfe1033\langnp2057\insrsid5915418 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5915418 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (c) a Register of Licensed Insurance Intermediarie}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5915418 s; an}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 d \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5915418 {\fs24\lang2057\langfe1033\langnp2057\insrsid5915418 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5915418 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (d) such other registers as may be specified in the regulations. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5915418 {\fs24\lang2057\langfe1033\langnp2057\insrsid5915418 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) The registers and the information contained in any document filed with the Commission may be kept in any form the Commission considers fit including, either wholly or partly, by means of a device or facility - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5915418 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12845289 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) that records or stores information in magnetic or electronic form; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4284746 {\fs24\lang2057\langfe1033\langnp2057\insrsid5915418 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12845289 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) that permits the information to be inspected and reproduced in legible and useable form. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid5915418 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16142250 92. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid15866095 Inspection of r}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7090024\charrsid15866095 egisters and information held }{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid15866095\charrsid15866095 by }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid15866095 Commission}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) Subject to subsection (2), a person may, on payment of the prescribed fee during normal business hours}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14319154 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14319154 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) inspect the registers and any records kept by the Commission that are prescribed as public records; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4284746 {\fs24\lang2057\langfe1033\langnp2057\insrsid14319154 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14319154 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) require the Commission to furnish him with a copy or certified copy of, or extract from, any document that he would be enti}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 tled to inspect under paragraph}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a). \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7549565\charrsid2904367 (2) In respect }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid2904367 of documents filed or kept in electronic}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7549565\charrsid2904367 form, the rights granted}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid2904367 under subsection (1) extend only to reproductions}{\fs24\lang2057\langfe1033\langnp2057\insrsid7549565\charrsid2904367 of those documents in useable written form }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid2904367 produced in such manner as the Commission considers appropriate. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7549565\charrsid2904367 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid2904367 (3) A copy or reproduction of, or extract from, any d}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 ocu}{\fs24\lang2057\langfe1033\langnp2057\insrsid11604725 ment or record that is }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 kept by}{\fs24\lang2057\langfe1033\langnp2057\insrsid11604725 the Commission}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 and certified as such by it i}{\fs24\lang2057\langfe1033\langnp2057\insrsid11604725 s admissible in evidence in all }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 legal proceedings to the same extent as the original document. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7549565 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 93. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid2904367 Electronic filing of documents}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) In this section, a document in electronic form is a document in a computer processable message format that is capable of being transmitted electronically. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11604725 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) The regulations may provide for a system enabling documents required or permitted to be filed with the Commission under this Act}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15217093 to be filed in electronic form.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11604725 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) A system for the filing of documents in electronic form shall provide for }{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid2904367 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2904367 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) the criteria for authorising persons to file documents in electronic form; and}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2904367 {\fs24\lang2057\langfe1033\langnp2057\insrsid2904367\charrsid9253955 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2904367 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) the security and authentication of the documents filed. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12876781 94. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12876781\charrsid12876781 Fees penalties and char}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12876781 g}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12876781 es }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12876781 p}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12876781 a}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid12876781 y}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid12876781 able to Commission}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 - (1) The fees and penalties specified in the regulations, excluding any penalties imposed by a court, are payable to the Commission.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746\charrsid9253955 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) The Commission may charge a fee in respect of costs reasonably incurred in the performance of its duties under this Act. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) The Commission may refuse to take any action requ ired of it with respect to a licensee under this Act for which a fee is payable until the fee and any other fees, penalties and charges payable by, or in respect of, the licensee have been paid. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (4) Any fee, charge or penalty which is owed to the Commission under this Act may be recovered as a debt due to the Commission. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15100077 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 95. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid4284746 Regulations}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (1) The Queen}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 s Representative may, by Order in Executive Council, promulgate regulations - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15100077 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12606303 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) generally for giving effect to this Act and for its administration by the Commission; and}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12606303 {\fs24\lang2057\langfe1033\langnp2057\insrsid12606303\charrsid9253955 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12606303 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) specifically in respect of anything required or permitted by this Act to be contained in the regulations.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12606303 {\fs24\lang2057\langfe1033\langnp2057\insrsid12606303\charrsid9253955 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (2) Regulations made under this section may provide for the imposition by the Commission of administrative penalties on licensees that contravene a provision of this Act or the Code. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12606303 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (3) The regulations may - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12606303 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12606303 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (a) exempt licensed insurers holding a catego ry C licence, or specified classes or descriptions of such licensed insurers, from a requirement or obligation imposed by or under this Act; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12606303 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5599477 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 (b) provide for the circumstances in which the Commission may exempt licensed insurers holding a category C licence, or specified classes or descript}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 ions of such licensed insurers,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5599477 }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 from}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid11550081 specified requirements or obligations imposed by or under this Act. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid12606303 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid11550081 (4) Th}{\fs24\lang2057\langfe1033\langnp2057\insrsid10379806 e regulations -}{\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9646338 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9646338 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid11550081 (a) may make different provision in relation to different persons, circumstances or cases; and}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10314425 {\fs24\lang2057\langfe1033\langnp2057\insrsid10314425\charrsid9253955 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11685016 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid11550081 (b) subject to subsection (4), may provide for offences and}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid11550081 penalties for any contrav}{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 ention of or }{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid11550081 failure to comply with specified requirements of the regulations. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid9646338 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid11550081 (5) A penalty provided for an offence under}{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 the regulations may not exceed}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 }{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid8132476 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8132476 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid11550081 (a) in the case}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 of a fine, the sum of $50,000; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8132476 {\fs24\lang2057\langfe1033\langnp2057\insrsid8132476\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8132476 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (b) in the case of a period of imprisonment, the term of 1 year. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid8132476 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 96. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid8132476 Insurance Code}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 - (1) The Commission shall issue an Insurance Code with}{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 respect to}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid8132476 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16333200 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16333200 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (a) the financial resources to be maintained by licensees;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16333200 {\fs24\lang2057\langfe1033\langnp2057\insrsid16333200\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16333200 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (b) the strategies, policies, systems and controls, including internal controls, to be established and maintained, and the procedures to be followed, by licensees;}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16333200 {\fs24\lang2057\langfe1033\langnp2057\insrsid16333200\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16333200 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (c) the conduct expected of licensees; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid16333200 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16333200 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (d) information to be provided and returns to be submitted to the Commission by licensees; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid15218452 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15218452 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (e) such other matters as are required or permitted by this Act or the regulations to be provided for in the Code.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15218452 {\fs24\lang2057\langfe1033\langnp2057\insrsid15218452\charrsid3820575 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (2) Without limiting subsection (1), the Code may provide for the following}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6635363 matters}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6635363 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6635363 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6635363 {\fs24\lang2057\langfe1033\langnp2057\insrsid6635363 (a) the policies, systems and controls to be established and maintained by licences with respect to}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5599477 }{\fs24\lang2057\langfe1033\langnp2057\insrsid6635363 - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6635363 {\fs24\lang2057\langfe1033\langnp2057\insrsid6635363 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid6635363 {\fs24\lang2057\langfe1033\langnp2057\insrsid6635363 (i) the assessm}{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 ent and management of risk; and}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6635363 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11685016 {\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid6635363 {\fs24\lang2057\langfe1033\langnp2057\insrsid6635363 (ii) the complianc e by the licensee with its obligations under this Act, the regulations made under this Act and the Code}{\fs24\lang2057\langfe1033\langnp2057\insrsid9915997 ;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6635363 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9915997 {\fs24\lang2057\langfe1033\langnp2057\insrsid9915997 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9915997 {\fs24\lang2057\langfe1033\langnp2057\insrsid9915997 (b) principles and rules of corporate governance to be adhered to by licences; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9915997 {\fs24\lang2057\langfe1033\langnp2057\insrsid9915997 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9915997 {\fs24\lang2057\langfe1033\langnp2057\insrsid9915997 (c) }{\fs24\lang2057\langfe1033\langnp2057\insrsid6772144 the running off by an insurer of its business and the exit of insurers from the insurance market;}{\fs24\lang2057\langfe1033\langnp2057\insrsid9915997 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6772144 {\fs24\lang2057\langfe1033\langnp2057\insrsid6772144 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9915997 {\fs24\lang2057\langfe1033\langnp2057\insrsid6772144 (d) prudential requirements, not inconsistent with this Act or the regulations, applicable to licensees, including (with respect to licensed insurers)}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6772144 - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6772144 {\fs24\lang2057\langfe1033\langnp2057\insrsid6772144 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid6772144 {\fs24\lang2057\langfe1033\langnp2057\insrsid6772144 (i) the valuation of assets and liabilities; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11685016 {\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid6772144 {\fs24\lang2057\langfe1033\langnp2057\insrsid6772144 (ii) the evaluation of risks; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11685016 {\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid6772144 {\fs24\lang2057\langfe1033\langnp2057\insrsid6772144 (iii) the calculation of technical provisions; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11685016 {\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid6772144 {\fs24\lang2057\langfe1033\langnp2057\insrsid6772144 (iv) permitted investments; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6772144 {\fs24\lang2057\langfe1033\langnp2057\insrsid6772144\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6772144 {\fs24\lang2057\langfe1033\langnp2057\insrsid6772144 (e) principles and rules with respect to the underwriting and rating policies and methodologies to be established by licensed insurers; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6772144 {\fs24\lang2057\langfe1033\langnp2057\insrsid6772144 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6772144 {\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 (f) conduct of business; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid6772144 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6772144 {\fs24\lang2057\langfe1033\langnp2057\insrsid6772144 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6772144 {\fs24\lang2057\langfe1033\langnp2057\insrsid6772144 (g) measures to be taken by licensees to prevent,}{\fs24\lang2057\langfe1033\langnp2057\insrsid9705660 detect and remedy fraud and other financial crime. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9705660 {\fs24\lang2057\langfe1033\langnp2057\insrsid9705660 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7539548 (3) The Code may}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 }{\fs24\lang2057\langfe1033\langnp2057\insrsid7539548 - \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7539548 {\fs24\lang2057\langfe1033\langnp2057\insrsid7539548 (a) make different provision in relation to different }{\fs24\lang2057\langfe1033\langnp2057\insrsid14688588 persons, c}{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 ircumstances or cases; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid14688588 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11685016 {\fs24\lang2057\langfe1033\langnp2057\insrsid14688588 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7539548 {\fs24\lang2057\langfe1033\langnp2057\insrsid14688588 (b) include such transitional provisions as the Commission considers necessary or expedient}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11024253 . \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11024253 {\fs24\lang2057\langfe1033\langnp2057\insrsid11024253 \par (4) The Commission}{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 may amend or replace the Code.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6772144 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11024253 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7411143 (5) Before issuing the Code under subsection (1) or publishing a notice under subsection (4), the Commissioner shall}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid7411143 - \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7411143 {\fs24\lang2057\langfe1033\langnp2057\insrsid7411143 (a) publish a draft of the Code, or the proposed amendment, addition to or replacement of the }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6242861 Code, in}{\fs24\lang2057\langfe1033\langnp2057\insrsid7411143 such manner as may be specified i}{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 n the regulations; and}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7411143 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7411143 {\fs24\lang2057\langfe1033\langnp2057\insrsid7411143 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7411143 {\fs24\lang2057\langfe1033\langnp2057\insrsid7411143 (b) consider such written representations as it may rece}{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 ive.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7411143 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7411143 {\fs24\lang2057\langfe1033\langnp2057\insrsid7411143 \par (6) The Code, and any amendment to the Code or replacement of the Code shall be published in the Gazette. \par \par (7) The Code}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 }{\fs24\lang2057\langfe1033\langnp2057\insrsid7411143 - \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7411143 {\fs24\lang2057\langfe1033\langnp2057\insrsid7411143 (a) is subordinate legislation and has legisla}{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 tive effect; and }{\fs24\lang2057\langfe1033\langnp2057\insrsid7411143 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7411143 {\fs24\lang2057\langfe1033\langnp2057\insrsid7411143 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7411143 {\fs24\lang2057\langfe1033\langnp2057\insrsid7411143 (b) comes into operation on such date or dates as are specified in the Code}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11685016 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid7411143 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid2450972 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10452342\charrsid3689900 (8) A licensee shall comply with the Code, as far as it is applicable to the licensee.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10452342 \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5907070 97. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5907070\charrsid5907070 Approved forms}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477\charrsid5599477 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid5907070 - (1) Where this Act or the Code require a document to be in }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid5907070 the approved }{ \fs24\lang2057\langfe1033\langnp2057\insrsid923772 form\'94, the}{\fs24\lang2057\langfe1033\langnp2057\insrsid5907070 Commission shall}{\fs24\lang2057\langfe1033\langnp2057\insrsid5917298 , by publication in such manner as may be specified in the regulations, approve a form to be used for the document.}{\fs24\lang2057\langfe1033\langnp2057\insrsid3689900 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5917298 \par (2) The Commission may, with }{\fs24\lang2057\langfe1033\langnp2057\insrsid10838884 respect to any other document required or permitted to be filed, issued or produced under this Act or the Code approve a form to be used for the document.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5917298 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10838884 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3673128\charrsid13648373 (3) Where, pursuant to subsection (1) or (2), the Commission has published an approved form with respect to the type}{\fs24\lang2057\langfe1033\langnp2057\insrsid3673128 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid13648373 of document to be filed, issued or produced under this Act}{\fs24\lang2057\langfe1033\langnp2057\insrsid5599477 }{\fs24\lang2057\langfe1033\langnp2057\insrsid13648373 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10838884 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13648373 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13648373 {\fs24\lang2057\langfe1033\langnp2057\insrsid13648373 (a) the approved form shall be used for the document with such modifications as the circumstances require; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13648373 {\fs24\lang2057\langfe1033\langnp2057\insrsid13648373 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13648373 {\fs24\lang2057\langfe1033\langnp2057\insrsid13648373 (b) the document shall contain the information specified in the approved form. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13648373 {\fs24\lang2057\langfe1033\langnp2057\insrsid13648373 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid13648373 (4) Notwithstanding }{\fs24\lang2057\langfe1033\langnp2057\insrsid9769022 subsection (3) (a), an approved form shall not be varied so as to omit any information or guidance which the form gives to the intended recipient of the form.}{\fs24\lang2057\langfe1033\langnp2057\insrsid5907070 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9769022 \par 98. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9769022\charrsid9769022 Prudential Guidelines}{\fs24\lang2057\langfe1033\langnp2057\insrsid9769022 - (1) The Commission may issue Prudential Guidelines with respect to the procedures to be followed by and the }{\fs24\lang2057\langfe1033\langnp2057\insrsid7041368 conduct expected of licensees in the operation of their licensed business and with respect to any other matter concerning this Act. }{\fs24\lang2057\langfe1033\langnp2057\insrsid9769022 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1533832 \par (2) Prudential Guidelines used under subsection (1) may make different provision in relation to different person, circumstances or cases. \par \par (3) The Commission shall publish any Prudential Guidelines that it is issues under this section in such manner as shall be prescribed. \par \par (4) Failure to follow any Prudential Guidelines issued under this section shall not, of itself, render a person liable to proceedings of any kind, but such failure may be taken into account by the Court or the Commissio n, as the case may be, in determining whether there has been a contrav}{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 ention of this Act or the Code.}{\fs24\lang2057\langfe1033\langnp2057\insrsid1533832 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14439097 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14439097 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid14439097\charrsid14439097 Offence Provisions \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid14439097 \par 99. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid14439097\charrsid14439097 False or misleading misrepresentation, statements, reports or returns}{\fs24\lang2057\langfe1033\langnp2057\insrsid14251061\charrsid14251061 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid14439097 - (1) A person who makes or assists in making a representation, statement, report or return, whether oral or written}{\fs24\lang2057\langfe1033\langnp2057\insrsid14251061 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid14439097 - \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7155296 {\fs24\lang2057\langfe1033\langnp2057\insrsid7155296 (a) that is required or permitted by this Act to be made to or, in the case of a document,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11685016 filed with the Commission; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid14439097 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7155296 {\fs24\lang2057\langfe1033\langnp2057\insrsid7155296 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7155296 {\fs24\lang2057\langfe1033\langnp2057\insrsid7155296 (b) that}{\fs24\lang2057\langfe1033\langnp2057\insrsid14251061 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid7155296 - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7155296 {\fs24\lang2057\langfe1033\langnp2057\insrsid7155296 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid7155296 {\fs24\lang2057\langfe1033\langnp2057\insrsid7155296 (i) contains a false statement of a material fact, \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7155296 {\fs24\lang2057\langfe1033\langnp2057\insrsid7155296 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid7155296 {\fs24\lang2057\langfe1033\langnp2057\insrsid7155296 (ii) omits to state a material fact required to be provided to the Commission or necessary to avoid the statement or document being materially misleading, \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11685016 {\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7155296 {\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 commits an offence.}{\fs24\lang2057\langfe1033\langnp2057\insrsid7155296 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid14439097 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7021938 (2) A person does not an offence under subsection (1) if he did not know and, with the exercise of reasonable diligence, could not have known that the representation or statement contained a false statem}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11685016 ent or omitted a material fact.}{\fs24\lang2057\langfe1033\langnp2057\insrsid7021938 \par \par (3) A person who commits an offence under subsection (1) is liable on conviction}{\fs24\lang2057\langfe1033\langnp2057\insrsid14251061 }{\fs24\lang2057\langfe1033\langnp2057\insrsid7021938 - \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7021938 {\fs24\lang2057\langfe1033\langnp2057\insrsid7021938 (a) if the person is an individual, to a fine not exceeding $50,000 or imprisonment for a term not}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11685016 exceeding 2 years, or both; or}{\fs24\lang2057\langfe1033\langnp2057\insrsid7021938 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11685016 {\fs24\lang2057\langfe1033\langnp2057\insrsid7021938 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7021938 {\fs24\lang2057\langfe1033\langnp2057\insrsid7021938 (b) in any other case, to a fine not exceeding $100,000. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7021938 {\fs24\lang2057\langfe1033\langnp2057\insrsid7021938 \par 100. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7021938\charrsid7021938 Offence committed by body corporate}{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016\charrsid11685016 }{\fs24\lang2057\langfe1033\langnp2057\insrsid7021938 - Where an offence under this Act is committed by a body corporate, a director of that body corporate who knowingly authorized, permitted or acquiesced in the commission of the offence also commits an offence and is li able on conviction to the same penalty as the }{\fs24\lang2057\langfe1033\langnp2057\insrsid12387711 body corporate. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10385036 101. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10385036\charrsid10385036 Order to comply}{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016\charrsid8609230 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10385036 - Where a person is convicted of an offence under this Act or the regulations, the court having jurisdiction to try the offence may, in addition to any pu nishment it may impose, order that person to comply with the provision of this Act or the regulations for the contravention }{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 of which he has been convicted.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7021938 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10385036 102. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10385036\charrsid10385036 Civil remedies unaffected}{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016\charrsid11685016 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10385036 - }{\fs24\lang2057\langfe1033\langnp2057\insrsid2586915 No civil remedy for any act or omission is affected by reason that the act or omission is an offence under this Act. }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10385036 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2586915 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2586915 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid2586915\charrsid2586915 Final Provisions \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7021938 {\fs24\lang2057\langfe1033\langnp2057\insrsid7021938 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2586915 103. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2586915\charrsid2586915 Transitional provisions}{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016\charrsid11685016 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid2586915 - The transitional provisions specified i}{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 n Schedule 1 shall have effect.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10385036 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2586915 \par 104. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2586915\charrsid2586915 Repeals}{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016\charrsid11685016 }{\fs24\lang2057\langfe1033\langnp2057\insrsid2586915 - The following Acts are repealed}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14251061 }{\fs24\lang2057\langfe1033\langnp2057\insrsid2586915 - \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13579078 {\fs24\lang2057\langfe1033\langnp2057\insrsid13579078 (a) the Offs}{\fs24\lang2057\langfe1033\langnp2057\insrsid11685016 hore Insurance Act 1981-82; and}{ \fs24\lang2057\langfe1033\langnp2057\insrsid2586915 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13579078 {\fs24\lang2057\langfe1033\langnp2057\insrsid13579078 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13579078 {\fs24\lang2057\langfe1033\langnp2057\insrsid13579078 (b) the Insurance Companies Deposits Act 1970-71. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13579078 {\fs24\lang2057\langfe1033\langnp2057\insrsid13579078 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14104902 105. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid14104902\charrsid14104902 Amendments}{\fs24\lang2057\langfe1033\langnp2057\insrsid14104902 - the enactments set out in the second column of Schedule 2 to this Act are amended to the extent specified in the third column with effect from the date that t}{\fs24\lang2057\langfe1033\langnp2057\insrsid2127718 his Act }{ \fs24\lang2057\langfe1033\langnp2057\insrsid14104902 comes into force.}{\fs24\lang2057\langfe1033\langnp2057\insrsid13579078 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7021938 {\fs24\lang2057\langfe1033\langnp2057\insrsid2586915 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7354904 106. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7354904\charrsid7354904 Amendment of Schedules}{\fs24\lang2057\langfe1033\langnp2057\insrsid7354904 -(1) The Queen}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid7354904 s Representative may, by Order in Executive Council, promulgate regulations amending the Schedules to this Act. \par \par (2) Regulations made under this section shall be tabled in Parliament. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12527586 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12527586 {\fs24\lang2057\langfe1033\langnp2057\insrsid14251061 ________}{\fs24\lang2057\langfe1033\langnp2057\insrsid12527586 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14251061 {\fs24\lang2057\langfe1033\langnp2057\insrsid14251061 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12599683 {\fs24\lang2057\langfe1033\langnp2057\insrsid14251061 This Act is administered by the Financial Supervisory Commission. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7021938 {\fs24\lang2057\langfe1033\langnp2057\insrsid12527586 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9335503 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9335503\charrsid14706392 SCHEDULE 1 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14706392 {\fs24\lang2057\langfe1033\langnp2057\insrsid14706392 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14706392 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid14706392\charrsid14706392 TRANSITIONAL PROVISIONS \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14706392 {\fs24\lang2057\langfe1033\langnp2057\insrsid14706392 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7021938 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid14706392\charrsid14706392 Interpretation \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14706392 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6491194 1. In this Schedule}{\fs24\lang2057\langfe1033\langnp2057\insrsid14251061 }{\fs24\lang2057\langfe1033\langnp2057\insrsid8609230 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid6491194 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6491194 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid6491194 commencement date}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid6491194 means the date this Act comes into force; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6491194 {\fs24\lang2057\langfe1033\langnp2057\insrsid6491194 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6491194 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid6491194 exemption period}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid6491194 , with respect to an existing domestic insurer or an existing insurance intermediary, means the period ending on a day six }{ \fs24\lang2057\langfe1033\langnp2057\insrsid3500061 calendar months f}{\fs24\lang2057\langfe1033\langnp2057\insrsid15206472 ro}{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 m the commencement date;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6491194 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3500061 {\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid14251061 {\fs24\lang2057\langfe1033\langnp2057\insrsid14251061\charrsid14507886 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061\charrsid14507886 imme}{ \fs24\lang2057\langfe1033\langnp2057\insrsid2952992\charrsid14507886 diately }{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061\charrsid14507886 prior to the commencement date, carried on insurance business in the Cook Islands; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14251061 {\fs24\lang2057\langfe1033\langnp2057\insrsid3500061\charrsid14507886 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid14251061 {\fs24\lang2057\langfe1033\langnp2057\insrsid14251061\charrsid14507886 (b) }{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061\charrsid14507886 is not a company specified in paragraph 2 of this Schedule; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14251061 {\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid14251061 {\fs24\lang2057\langfe1033\langnp2057\insrsid14251061 (c) }{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 was not required to obtain a licence under the former Act with respect to the insurance business that it carried on in the Cook Islands prior to the commencement date; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3500061 {\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3500061 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 existing insurance intermediary}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid3240923 means a pe}{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 rson who, immediately prior to the commencement date, carried on business as an insurance intermediary in the Cook Islands; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3500061 {\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3500061 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 former Act}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14507886\charrsid739470 \'94}{\fs24\lang2057\langfe1033\langnp2057\insrsid14507886 mean}{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 s the O}{\fs24\lang2057\langfe1033\langnp2057\insrsid8609230 ffshore Insurance Act 1981; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3500061 {\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3500061 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 transition date}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 means 1 July 2009. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7021938 {\fs24\lang2057\langfe1033\langnp2057\insrsid10515942 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 License}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid14507886 e}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 s under the Former Act}{ \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid10515942 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 2. A company incorporated under the International Companies Act 1981-82 that, immediately prior to the commencement date, held an offshore insurance licence granted under the former Act is deemed to have been granted a category C insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 s licence under this Act on the commencement date. \par \par 3. The Commission shall, within three months of the commencement date, issue each company that is deemed to have been granted a licence under paragraph 2 with a replacement licence issued under this Act. \par \par 4. Where, immediately before the commencement date an insurer is authorised under the former Act to carry on general business and long-term business}{\fs24\lang2057\langfe1033\langnp2057\insrsid14251061 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid3500061 - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3500061 {\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3500061 {\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 (a) section 8(3) shall not apply to the issuance of a licence under paragraph 3 of this Schedule; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3500061 {\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3500061 {\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 (b) the insurer shall, on or before the transition date, apply to the Commission for an insurance licence to carry on either one or more classes of general business or one or more cla}{\fs24\lang2057\langfe1033\langnp2057\insrsid8609230 sses of long-term business; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3500061 {\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3240923 {\fs24\lang2057\langfe1033\langnp2057\insrsid3240923 (c) }{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 the insurer shall, unless and to the extent that the Commission otherwise permits, with effect fr}{\fs24\lang2057\langfe1033\langnp2057\insrsid14507886 o}{\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 m the transition date, carry on only that type of business [long-term or short term] to which the application made under subparagraph (b) relates and shall, from the transition date, cease to carry on the other type of insurance business. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13373698 {\fs24\lang2057\langfe1033\langnp2057\insrsid14507886 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14507886\charrsid14507886 5. Where company licensed}{\fs24\lang2057\langfe1033\langnp2057\insrsid14507886 under this former Act has, prior to the commencement date, established one or more st atutory funds under section 17A of the former Act, the provisions of section 17A shall continue to have effect with respect to such statutory funds, notwithstanding the repeal of the former Act.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14507886\charrsid14507886 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14507886 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3500061 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13373698 Insurance managers}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid3500061 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13373698\charrsid3240923 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13373698 6. Where, immediately before the commencement date, a trustee company (within the meaning of the Trustee Companies Act, 1981-82) carries on business as an insurance manage}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15889501 r}{\fs24\lang2057\langfe1033\langnp2057\insrsid13373698 and intends to continue that business after the commencement date, notwithstanding anyth}{\fs24\lang2057\langfe1033\langnp2057\insrsid14251061 ing to the contrary in the Act -}{\fs24\lang2057\langfe1033\langnp2057\insrsid13373698 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13373698 {\fs24\lang2057\langfe1033\langnp2057\insrsid13373698 (a) the trustee company shall submit an application for an insurance manager}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13373698 s licence within six weeks of the commencement date; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13373698 {\fs24\lang2057\langfe1033\langnp2057\insrsid13373698 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13373698 {\fs24\lang2057\langfe1033\langnp2057\insrsid13373698 (b) during the period specified in subparagraph (a) and, provided that paragraph ( a) is complied with, during the period between the submission of the application and the final determination of that application, the trustee may carry on business as an insurance manager and this Act applies to the trustee company in all respects as if i t was a licensed insurance manager. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13373698 {\fs24\lang2057\langfe1033\langnp2057\insrsid13373698\charrsid13373698 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid13373698 Existing domestic insurers}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13373698\charrsid13373698 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 7. Section 5 comes into force for, and with respect to, an existing domestic insurer on a date six calendar months plus one day after the commencement date in place of the commencement date.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13373698\charrsid3820575 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 8. For the purposes of sections 6, 7 and 50, an existing domestic insurer is deemed not to an }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 unlicensed insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 during the exemption period. \par \par 9. The following provisions of this Act apply to, and with respect to, an existing domestic insurer during the exemption period, as if it was a}{\fs24\lang2057\langfe1033\langnp2057\insrsid13373698 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 licensed insurer, with such modifications as may be specified - \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13373698 {\fs24\lang2057\langfe1033\langnp2057\insrsid16659250 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 sections 15 and 20; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13373698 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (b) sections 38 and 39 , if the existing domestic insurer is a Cook Islands company, or paragraphs 11, 12 and 13 of Schedule 3 if the existing domestic insurer is not a Coo}{\fs24\lang2057\langfe1033\langnp2057\insrsid16659250 k}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 Islands company;}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13373698 {\fs24\lang2057\langfe1033\langnp2057\insrsid13373698 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13373698 {\fs24\lang2057\langfe1033\langnp2057\insrsid13373698 (c)}{\fs24\lang2057\langfe1033\langnp2057\insrsid16659250 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 paragraph 10 of Schedule 3 if the existin}{\fs24\lang2057\langfe1033\langnp2057\insrsid13373698 g}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 d}{ \fs24\lang2057\langfe1033\langnp2057\insrsid13373698 om}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 estic}{\fs24\lang2057\langfe1033\langnp2057\insrsid16659250 insurer is not a Cook Islands }{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 company; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13373698 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (d) sections 64, 65, 67, 68 and 69; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7036820 {\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16659250 {\fs24\lang2057\langfe1033\langnp2057\insrsid16659250 (e) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 Part 7, to an existing domestic insurer that is a Cook Islands company, section 82(4) being disapplied.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7036820 {\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid7036820 Existing Insurance intermediaries}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid16659250 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 10. Section 41 comes into force for, and with respect to, an existing insurance intermediary on }{\fs24\lang2057\langfe1033\langnp2057\insrsid7036820 1}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 January 2009 in place of the commencement date.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 11. The following provisions of this Act have effect with respect to an existing insurance intermediary during the exemption period, as if it was a licensed insurance int ermediary, with such modifications as }{\fs24\lang2057\langfe1033\langnp2057\insrsid7036820 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 ay be specified }{\fs24\lang2057\langfe1033\langnp2057\insrsid14251061 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7036820 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7036820 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (a) sections 47, 49, 64, 65, 67; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7036820 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (b) Part 7.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid7036820 Existing domestic insurers and existing insurance intermediaries}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid7036820 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 12. Section 71 applies to, and with respect to, an existing domestic insurer and an existing insurance intermediary as if, in each case, it was a licensee, with the following}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7036820 }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 modifications }{\fs24\lang2057\langfe1033\langnp2057\insrsid9902516 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16659250\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7036820 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (a) subsection (1)(a)(i) is to be construed as referring to a co ntravention of a provision of the Act or the Code that applies to the existing domestic insurer or existing insurance intermediary;}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7036820 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (b) subsection (1)(a)(v) does not apply;}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7036820 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (c) subsection (1)(a)(vi) applies with the deletion of the words }{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 , whether on making application for a licence or subsequent to the issue of the licence}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 ;}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7036820 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (d) subsection (2) does not apply; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7036820 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (e) s}{\fs24\lang2057\langfe1033\langnp2057\insrsid16659250 ubsection (3)(a) does not apply}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15889501 ;}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 13. Section 74 applies to, and with respect to, an existing domestic insurer and an existing insurance intermediary as if, in}{\fs24\lang2057\langfe1033\langnp2057\insrsid7036820 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 each case, it was a licensee.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 14. Section 75 applies to, and with respect to, an existing domestic insurer and an existing insurance intermediary as if, in each case, it was a licensee, with the following}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7036820 }{\fs24\lang2057\langfe1033\langnp2057\insrsid16659250 modifications}{\fs24\lang2057\langfe1033\langnp2057\insrsid14251061 }{\fs24\lang2057\langfe1033\langnp2057\insrsid16659250 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7036820 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (a) s}{\fs24\lang2057\langfe1033\langnp2057\insrsid16659250 ubsection (1)(b) does not apply;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 and}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7036820 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (b) s}{\fs24\lang2057\langfe1033\langnp2057\insrsid15889501 ubsection (2)(e) does not apply;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 \par 15. Section 76 appli}{\fs24\lang2057\langfe1033\langnp2057\insrsid16659250 es to, and with respect to, an }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 existing domestic insurer and an existing}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7036820 }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 insurance intermediary as if, in each case, it was a licensee.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 16. Section 77 applies to, and with respect to, an existing domestic insurer and an existing insurance intermediary as if, in each case, it was a l}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9902516 icensee, with the modifications}{\fs24\lang2057\langfe1033\langnp2057\insrsid14251061 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9902516 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7036820 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (a) in subsection (1)(a), the words }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 where its licence is about to be revoked}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 do not apply}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7036820 ;}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 and}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7036820 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (b) subsection (1), paragraphs (b) and (c) do not apply.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 17. Section 78 applies to, and with respect to, an existing domestic insurer and an existing insurance intermediary as if, in each case, it was a licensee.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 18. Section 88 applies to, and with respect to, an existing domestic insurer and an existing insurance intermediary as if, in each case, it was a licensee, the proviso being disapplied.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7036820\charrsid3820575 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid10235200 19. The Insurance Code and Prudential Guidelines may make provision for existing domestic insurers and existing insurance intermediaries.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6560451\charrsid3820575 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid6560451 Licence application by existing domestic insurer or existing insurance intermediary}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6560451\charrsid16659250 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 20. Nothing in this Schedule prevents an existing domestic insurer or an existing insurance intermediary applying for a licence under this Act.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16659250\charrsid3820575 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 21. If the Commission grants a licence to an existing domestic insurer or an existing insurance intermediary during the exemption period, from the date of the licence }{ \fs24\lang2057\langfe1033\langnp2057\insrsid14251061 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6560451\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6560451 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (a) the existing domestic insurer or insurance intermediary is for all purposes a licensee under this Act; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid6560451\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6560451 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (b) the provisions of this Schedule immediately cease to apply to it.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid6560451\charrsid3820575 \par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid6560451 Application of Financial Supervisory Commission Act 2003 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6560451\charrsid3820575 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 22. Sections 20, 21, 22 and 23 of the Financial Supervisory Commission Act 2003 apply to, and with respect to, an existing domestic insurer or an existing insurance intermediary as if, in each case, it was a licensed financial institution.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6560451 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6560451 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6560451 SCHEDULE 2 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6560451 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6560451 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6560451 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid6560451 AMENDMENTS}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6560451\charrsid6560451 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\trowd \irow0\irowband0\ts19\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr \brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth828\clshdrawnil \cellx720\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2970\clshdrawnil \cellx3690\clvertalt\clbrdrt \brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth5899\clshdrawnil \cellx9589\pard\plain \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid4004012\yts19 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid4004012 No.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid4004012\charrsid4004012 \cell }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid4004012 Enactment}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid4004012\charrsid4004012 \cell }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid4004012 Amendment \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10235200\charrsid4004012 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 { \b\fs24\lang2057\langfe1033\langnp2057\insrsid4004012\charrsid4004012 \trowd \irow0\irowband0\ts19\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv \brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb \brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth828\clshdrawnil \cellx720\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2970\clshdrawnil \cellx3690 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth5899\clshdrawnil \cellx9589\row }\trowd \irow1\irowband1\ts19\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10 \trbrdrl \brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr \brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth828\clshdrawnil \cellx720\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2970\clshdrawnil \cellx3690\clvertalt\clbrdrt \brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth540\clshdrawnil \cellx4230\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth5359\clshdrawnil \cellx9589\pard\plain \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid11550081\yts19 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 { \fs24\lang2057\langfe1033\langnp2057\insrsid4004012 1.}{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid4004012 Financial Supervisory Commission Act 2003}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid4004012 1.}{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14113805 \par \par \par \par \par \par \par \par 2. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 \par \par \par \par \par \par \par \par \par \par \par \par \par \par \par \par \par \par \par \par \par \par \par \par 3. \par \par \par \par \par \par \par \par \par \par \par 4. \par \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid4004012\charrsid6913691 In section 2, in the definition of "licensed financial institution", delete the words}{\fs24\lang2057\langfe1033\langnp2057\insrsid14113805\charrsid6913691 from "an Offshore Insurance Company licensed pursuant to the Offshore Insurance Act 1981-82" to the end of the definition and substitute "a person licensed under the Insurance Act, 2008 as a licensed insurer, a licensed insurance manager or a licensed in surance intermediary".}{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390\charrsid6913691 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14113805\charrsid6913691 \par By repealing section 14 and substituting the following: \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12864612\charrsid6913691 "14. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12864612\charrsid6913691 Immunity}{\fs24\lang2057\langfe1033\langnp2057\insrsid12864612\charrsid6913691 (1) No person to whom this section applies shall be liable in damages for anything done or omitted to be done in the discharge or purported discharge of any funct ion or duty or the exercise or purported exercise of any power under this Act or any other enactment unless it is shown that the act or omission was in bad faith.}{\fs24\lang2057\langfe1033\langnp2057\insrsid14113805\charrsid6913691 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12864612\charrsid6913691 \par }\pard \ql \li720\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin720\pararsid11550134\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 (2) This section applies to -}{\fs24\lang2057\langfe1033\langnp2057\insrsid12864612 \par }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid3830255\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 \par }\pard \ql \li1440\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin1440\pararsid11550134\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 (a) the Commission' \par }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid3830255\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 \par }\pard \ql \li1440\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin1440\pararsid11550134\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 (b) a board member; \par }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid3830255\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 \par }\pard \ql \li1440\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin1440\pararsid11550134\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 (c) the Commissioner or any other employee of the Commission; and \par }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid3830255\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 \par }\pard \ql \li1440\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin1440\pararsid11550134\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 (d) a person authorised by the Commission to perform any duty or exercise any power on behalf of the Commission.". \par }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid11550134\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 \par In section 17, by inserting after subsection (2) the following subsection: \par \par }\pard \ql \li720\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin720\pararsid11550134\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 "(3) The Commission may, on such conditions as it considers appropriate exempt a licensee that is not a company incorporated under the Companies Act or an international company incorporated and registered under the International Companies Act from this section.". \par }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid11550134\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 \par }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid11550081\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 In the First Schedule, \par \par }\pard \ql \li720\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin720\pararsid11550134\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 (a) delete from the list of enactments administered by the Commission, the "Offshore Insurance Act 1981-82" and the "Insurance Companies' Deposits Act 1970-71"; and \par }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid3217643\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 \par }\pard \ql \li720\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin720\pararsid11550134\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 (b) insert in the list in their place the "Insurance Act, 2008". \par }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid11550081\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134\charrsid6913691 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \trowd \irow1\irowband1\ts19\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl \brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth828\clshdrawnil \cellx720\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2970\clshdrawnil \cellx3690\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth540\clshdrawnil \cellx4230\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl \brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth5359\clshdrawnil \cellx9589\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid11550081\yts19 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 2. }{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 Financial Transactions Reporting Act 2004}{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 1.}{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \cell }{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550134 In section 36(e), delete "Off-Shore Insurance Act 1981-82" and substitute "Insurance Act, 2008"}{\fs24\lang2057\langfe1033\langnp2057\insrsid9059721 .}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550134 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 { \fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \trowd \irow2\irowband2\ts19\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr \brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth828\clshdrawnil \cellx720\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2970\clshdrawnil \cellx3690\clvertalt\clbrdrt \brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth540\clshdrawnil \cellx4230\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth5359\clshdrawnil \cellx9589\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid11550081\yts19 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 { \fs24\lang2057\langfe1033\langnp2057\insrsid2633564 3.}{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid2633564 International Companies Act 1981-82}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid2633564 1.}{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2633564 \par \par 2.\cell In section 7(2)(b), delete "Off-Shore Insurance Act 1981-82" and substitute "Insurance Act, 2008".}{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2633564 \par In section 18E(1), by deleting paragraph (a). \par \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \trowd \irow3\irowband3\ts19\trgaph108\trleft-108 \trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr \brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth828\clshdrawnil \cellx720\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2970\clshdrawnil \cellx3690\clvertalt\clbrdrt \brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth540\clshdrawnil \cellx4230\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth5359\clshdrawnil \cellx9589\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid11550081\yts19 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 { \fs24\lang2057\langfe1033\langnp2057\insrsid6751201 4.}{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 International Partnership Act 1984}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 1.}{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 \par \par \par \par \par \par 2.\cell In section 5, delete paragraph (a) and substitute the following paragraph:}{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 \par }\pard \ql \li720\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin720\pararsid6751201\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 "(a) carry on insurance business within the meaning of secti}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14423091 on 3 of the Insurance Act, 2008}{\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid14423091 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 \par }\pard \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid11550081\yts19 {\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 \par In section 72(1), delete "Off-Shore Insurance Act 1981-82" and substitute "Insurance Act, 2008". \par \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \trowd \irow4\irowband4\ts19\trgaph108\trleft-108 \trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr \brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth828\clshdrawnil \cellx720\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2970\clshdrawnil \cellx3690\clvertalt\clbrdrt \brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth540\clshdrawnil \cellx4230\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth5359\clshdrawnil \cellx9589\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid11550081\yts19 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 { \fs24\lang2057\langfe1033\langnp2057\insrsid6751201 5. }{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 International Trusts Act 1984}{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 1.}{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 In the Schedule, delete "Off-Shore Insurance Act 1981-82" and }{ \fs24\lang2057\langfe1033\langnp2057\insrsid14423091 substitute "Insurance Act, 2008}{\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid14423091 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 { \fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \trowd \irow5\irowband5\ts19\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr \brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth828\clshdrawnil \cellx720\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2970\clshdrawnil \cellx3690\clvertalt\clbrdrt \brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth540\clshdrawnil \cellx4230\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth5359\clshdrawnil \cellx9589\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid11550081\yts19 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 { \fs24\lang2057\langfe1033\langnp2057\insrsid6751201 6.}{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 Trustee Companies Act 1981-82}{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 1.}{\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 In section 21A(3), in the definition of "entity", delete "an offshore insurance company licensed under the Offshore Insurance Act" and substitute "an insurer license}{\fs24\lang2057\langfe1033\langnp2057\insrsid9047870 d under the Insurance Act, 2008}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6751201 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid9047870 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid8464390 \trowd \irow6\irowband6\lastrow \ts19\trgaph108\trleft-108\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr \brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt \brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth828\clshdrawnil \cellx720\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2970\clshdrawnil \cellx3690\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrnone \cltxlrtb\clftsWidth3\clwWidth540\clshdrawnil \cellx4230\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl \brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth5359\clshdrawnil \cellx9589\row }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid862198 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6882601 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6882601 SCHEDULE 3}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6882601 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6882601 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6882601 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6882601 EXTERNAL INSURER}{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid6882601 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6882601 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid6882601 PART A - PROVISIONS OF ACT DISAPPLIED OR MODIFIED}{ \b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6882601 {\fs24\ul\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid4144341 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid14312951 1. This Act is disapplied or modified with respect to an external insurer holding a Category B licence and to an approved external insurer to the extent specified in this Part of the Schedule.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }\pard \ql \li0\ri0\widctlpar\tx360\faauto\adjustright\rin0\lin0\itap0\pararsid6751201 {\fs24\lang2057\langfe1033\langnp2057\insrsid6751201 2. }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 In this Schedule -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 Category B external insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 means an external insurer holding a Category B licence;}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 external insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 means a Category B external insurer or an approved external insurer.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid6882601 Provisions Disapplied \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 3. Sections 16, 17, 18, 19, 21, 22, 24, 27, 28, 32, 38, 54, 55, 56, 57, 58, 59, 60, 61 and 66 are disapplied with respect to an external insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid6882601 Modifications}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid6882601 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 \par 4. Section 25 is modified with respect to an external insurer as follows }{\fs24\lang2057\langfe1033\langnp2057\insrsid9665600 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (a) Subsection (1) applies to an external insurer with the deletion of }{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 , whether in the Cook Islands or elsewhere,}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 and the substitution of }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 in the Cook Islands}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (b) The Commission may exempt an external insurer from the requirement to submit a business plan to the Commission.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 5. Section 26 is modified with respect to an external insurer as follows }{\fs24\lang2057\langfe1033\langnp2057\insrsid9665600 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (a) Subsections (1), (2) and (3) are disapplied with respect to an }{ \fs24\lang2057\langfe1033\langnp2057\insrsid8609230 approved external insurer;}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (b) Subsections (1) and (2) apply to a Category B external insurer only where the director or key functionary is to }{\fs24\lang2057\langfe1033\langnp2057\insrsid8609230 be resident in the Cook Islands;}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601 (c)}{\fs24\lang2057\langfe1033\langnp2057\insrsid9665600 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 Subsection (3) applies to a Category B external insurer only where the director or key functionary was, immediately before his appointment was terminated or he ceased to hold offic e, resident in the Cook Islands.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 6. Section 33 is modified with respect to an external insurer as follows }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9665600 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (a) Subsection (2)(b) is modified by adding after }{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 of the insurer}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 , the words }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 resident in the Cook Islands}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (b) Subsection (4) is disapplied. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 \par 7. Section 53 is modified with respect to an external i}{\fs24\lang2057\langfe1033\langnp2057\insrsid6882601 nsurer }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 as}{\fs24\lang2057\langfe1033\langnp2057\insrsid6882601 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 follows - \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9859346 {\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 Section 53 applies to a Category B external insurer with the substitution of the following for subsection (1) }{\fs24\lang2057\langfe1033\langnp2057\insrsid9665600 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid9902516 {\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 A Category B external insurer shall }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9665600 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9902516 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }\pard \ql \li2160\ri0\widctlpar\faauto\adjustright\rin0\lin2160\itap0\pararsid9902516 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (a) keep at its office in the Cook Islands records that are sufficient }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9665600 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9902516 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }\pard \ql \li2880\ri0\widctlpar\faauto\adjustright\rin0\lin2880\itap0\pararsid9902516 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (i) to show and explain all transactions in respect of the business it carries on in the Cook Islands; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9902516 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }\pard \ql \li2880\ri0\widctlpar\faauto\adjustright\rin0\lin2880\itap0\pararsid9902516 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (ii) to enable it to prepare such returns as it is required to prepare and make under this Act an d the Code; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9902516 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }\pard \ql \li2160\ri0\widctlpar\faauto\adjustright\rin0\lin2160\itap0\pararsid9902516 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (b) notify the Commission in writing of the place or places, whether in or outside the Cook Islands, where its financial records, other than those specified in paragraph (a) are maintained.}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6882601 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9859346 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (b) Section 53 applies to an approved external insurer with the substitution of the following for subsection (1) -}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid6882601\charrsid3820575 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4144341 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 An approved external insurer shall }{\fs24\lang2057\langfe1033\langnp2057\insrsid4808663 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9525437 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144341 {\fs24\lang2057\langfe1033\langnp2057\insrsid9525437 \par }\pard \ql \li2160\ri0\widctlpar\faauto\adjustright\rin0\lin2160\itap0\pararsid4144341 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (a) kee}{\fs24\lang2057\langfe1033\langnp2057\insrsid4808663 p records that are sufficient -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9859346 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144341 {\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 \par }\pard \ql \li2880\ri0\widctlpar\faauto\adjustright\rin0\lin2880\itap0\pararsid4144341 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (i) to show and explain all transactions in respect of the business it}{ \fs24\lang2057\langfe1033\langnp2057\insrsid6882601 }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 carries on i}{\fs24\lang2057\langfe1033\langnp2057\insrsid6882601 n}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 the Cook Islands; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144341 {\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 \par }\pard \ql \li2880\ri0\widctlpar\faauto\adjustright\rin0\lin2880\itap0\pararsid4144341 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (ii) to enable it to prepare such returns as it is required to prepare and make under this Act and the Code; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4144341 {\fs24\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid3820575 \par }\pard \ql \li2160\ri0\widctlpar\faauto\adjustright\rin0\lin2160\itap0\pararsid4144341 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (b) notify the Commission in writing of the place or places, whether in or outside the Cook Islands, where the records specified in paragraph (a) and its other financial records are maintained.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9525437 {\fs24\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid3820575 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 8. Section 67 is modified with respect to an external insurer by deleting, in subsection (1), }{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 carries on business or under which it is incorporated}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 and substituting }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 carries on business in the Cook Islands}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid3820575 \par }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid9525437 PART B - ADDITIONAL PROVISIONS \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid3820575 \par }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid9525437 Notification of termination et}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9525437 c of director or key functionary}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid9525437 \par }\pard \ql \fi-709\li709\ri0\widctlpar\faauto\adjustright\rin0\lin709\itap0\pararsid9859346 {\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 9}{\fs24\lang2057\langfe1033\langnp2057\insrsid11364769 .}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4808663 \tab }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (a) A relevant external insurer shall, within fourteen days after the appointment of a}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9859346 }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 key functionary who will have particular responsibility for the Cook Islands business of the insurer or of any director provide written notice of the appointment to the Commission. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 \par }\pard \ql \li709\ri0\widctlpar\faauto\adjustright\rin0\lin709\itap0\pararsid9859346 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (b) A relevant external insurer shal}{\fs24\lang2057\langfe1033\langnp2057\insrsid8609230 l, within fourteen days after}{\fs24\lang2057\langfe1033\langnp2057\insrsid4808663 }{\fs24\lang2057\langfe1033\langnp2057\insrsid8609230 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid3820575 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid9859346 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (i}{\fs24\lang2057\langfe1033\langnp2057\insrsid9525437 ) i t terminates the appointment of a key functionary who had }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 particular}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 responsibility for the Cook I}{\fs24\lang2057\langfe1033\langnp2057\insrsid9525437 slands business of the insurer o}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 r}{\fs24\lang2057\langfe1033\langnp2057\insrsid9525437 }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 of any director, or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid9859346 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (ii) a key functionary who had particular responsibility for the Cook Islands business of the insurer or any director ceases to hold office,}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9525437 {\fs24\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid3820575 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4808663 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 provide written notice thereof to the Commission.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9859346 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (c) An external insurer that contravenes paragraph (a) or (b) commits an offence and is liable on conviction to a fine not exceeding $10,000.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid3820575 \par }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid9525437 Disposal etc of significant interest \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid3820575 \par }\pard \ql \fi-709\li709\ri0\widctlpar\faauto\adjustright\rin0\lin709\itap0\pararsid9859346 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 10.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 \tab }{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (a) Subject to paragraph (b), an external insurer shall provide written notice to the Commission within fourteen days after any change in the persons who own or hold a significant interest in the insurer.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9525437 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (b) T he Commission may, on the application of an external insurer, exempt it from compliance with paragraph (a).}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9525437 {\fs24\lang2057\langfe1033\langnp2057\insrsid9525437 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9525437 {\fs24\lang2057\langfe1033\langnp2057\insrsid9525437 (c) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 An external insurer that contravenes paragraph (a) commits an offence and is liable on conviction to a fine not exceeding $10,000.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9525437 {\fs24\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid3820575 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid9525437 Change of name \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid3820575 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 11. An external insurer shall immediately notify the Commission in writing if it changes its name or the name under which it carries on business.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid3820575 \par }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid9525437 Transfers and}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9525437 m}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid9525437 ergers}{ \fs24\ul\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid9525437 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5053416 {\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 12.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 \tab }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 For the purposes of paragraphs 12 and 13, \par \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid9859346 {\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 (i)}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 a transfer, with respect to an external insurer, means a transfer by the insurer of}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 any part of its business to another person; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5053416 {\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid9859346 {\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 (ii)}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 a merger, with respect to an external insurer, means the merger of any part of}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 an external insurer}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9859346 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 s business with the business of another person. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5053416 {\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 \par }\pard \ql \fi-709\li709\ri0\widctlpar\faauto\adjustright\rin0\lin709\itap0\pararsid9859346 {\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 13.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 \tab }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 An external insurer shall not effect a transfer or merger where any part of the}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 business to be transferred or merged is domestic business unless it has obtained the}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 prior written consent of the Commission for the transfer or merger. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5053416 {\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 \par }\pard \ql \li709\ri0\widctlpar\faauto\adjustright\rin0\lin709\itap0\pararsid9859346 {\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 Before determining an application f}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 or approval under subparagraph }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 (a), the}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 Commission may issue a notice to the external insurer requiring it to transfer or}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 merge the business under a scheme of transfer or merger approved, in the case of a}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 long term insurer by the Court and in the case of a general insurer by the Court or the}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 Commission. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5053416 {\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 \par }\pard \ql \li709\ri0\widctlpar\faauto\adjustright\rin0\lin709\itap0\pararsid9859346 {\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 (c)}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 Where the Commission issues a notice under subparagraph (b), section 38 applies}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346 with such modifications as are}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8609230 necessary and appropriate.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859346\charrsid3820575 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 \par 14. A category B external insurer shall n}{\fs24\lang2057\langfe1033\langnp2057\insrsid9525437 ot effect a transfer or merger t}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 hat does}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9525437 }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 not}{\fs24\lang2057\langfe1033\langnp2057\insrsid9525437 }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 fall }{\fs24\lang2057\langfe1033\langnp2057\insrsid9525437 with}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 in paragraph 12 unless it has given the Commission}{\fs24\lang2057\langfe1033\langnp2057\insrsid9049987 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 at least 30 days notice of its intention to }{\fs24\lang2057\langfe1033\langnp2057\insrsid9525437 d}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 o so. \par \par }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid9525437 Verification of domestic business}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid9525437 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1378653 15.\tab }{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (a) The Commission may require a category B insurer to appoint, at its cost, a person}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4808663 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid3820575 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid1378653 {\fs24\lang2057\langfe1033\langnp2057\insrsid1378653 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid4808663 a}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 ) qualified under the Code to act as the auditor of a licensee; and}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9525437 {\fs24\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid3820575 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid1378653 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid4808663 b}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 ) approved by the Commission;}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9525437 {\fs24\lang2057\langfe1033\langnp2057\insrsid9525437\charrsid3820575 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4808663 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 to investigate and verify such matters relating to its domestic business as the Commission may specify in the notice.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8601027 {\fs24\lang2057\langfe1033\langnp2057\insrsid8601027\charrsid3820575 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1378653 {\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 (b) Where the Commission requires a category B insurer to appoint a person under subparagraph (a), that person shall carry out the investigation and verification as if it formed part of an audit of the licensee, and sections 58, 59 and 61 apply as if}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8601027 }{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 auditor}{\fs24\lang2057\langfe1033\langnp2057\insrsid4284746 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11550081\charrsid3820575 referred to the person appointed and with such modifications as are appropriate.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11550081 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11550081 {\fs24\lang2057\langfe1033\langnp2057\insrsid8601027 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid8601027 {\fs24\lang2057\langfe1033\langnp2057\insrsid8601027 __________________}{\fs24\lang2057\langfe1033\langnp2057\insrsid8601027\charrsid3820575 \par }}