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\qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 \fs20\lang1033\langfe5129\cgrid\langnp1033\langfenp5129 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 COOK ISLANDS}{
\b\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 OFF-SHORE INSURANCE ACT}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid9728247  }{
\b\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 1981-82
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ANALYSIS
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 
\par Title
\par 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 PART 1 - PRELIMINARY
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 
\par 1. Short-title
\par 2. Interpretation
\par 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 PART II \endash  LICENSING OF OFF-SHORE INSURANCE COMPANIES
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 
\par 3. Off-shore Insurance
\par 4. License}{\fs24\lang2057\langfe5129\langnp2057\insrsid15293462\charrsid10578643 e}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  to be Body Corporate
\par 5. Application for Licence
\par 6.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10445268\charrsid10578643  Decision of Board}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 
\par 7.}{\fs24\lang2057\langfe5129\langnp2057\insrsid10445268\charrsid10578643  Licence may be subject to conditions}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10445268\charrsid10578643 8. Refund of Fee}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10445268\charrsid10578643 9. Notification}{\fs24\lang2057\langfe5129\langnp2057\insrsid15293462\charrsid10578643  of changes}{\fs24\lang2057\langfe5129\langnp2057\insrsid10445268\charrsid10578643 
\par 10. Licence not transferable
\par 11. Cancellation or suspension of Licence
\par 12. Appeal against cancellation or suspension
\par 13. Conditions of licence}{\fs24\lang2057\langfe5129\langnp2057\insrsid7567495\charrsid10578643 s}{\fs24\lang2057\langfe5129\langnp2057\insrsid10445268\charrsid10578643 
\par 14. Place of Business
\par 15. Licence fee
\par 16. Asset backing
\par 17. Annual report and Audit
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7145766 {\fs24\lang2057\langfe5129\langnp2057\insrsid7145766\charrsid10578643 PART III - MISCELLANEOUS
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid7145766\charrsid10578643 
\par 18.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9192572\charrsid10578643  Keeping of accounting records}{\fs24\lang2057\langfe5129\langnp2057\insrsid7145766\charrsid10578643 
\par 19.}{\fs24\lang2057\langfe5129\langnp2057\insrsid9192572\charrsid10578643  Inspection}{\fs24\lang2057\langfe5129\langnp2057\insrsid7145766\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid9192572\charrsid10578643 20. Supply of information
\par 21. Use of information}{\fs24\lang2057\langfe5129\langnp2057\insrsid7567495\charrsid10578643  by Board and others}{\fs24\lang2057\langfe5129\langnp2057\insrsid9192572\charrsid10578643 
\par 22. Breaches of professional secrecy
\par 23. Breach of secrecy by officer or employee}{\fs24\lang2057\langfe5129\langnp2057\insrsid7567495\charrsid10578643  deemed to be breach by licensee}{\fs24\lang2057\langfe5129\langnp2057\insrsid9192572\charrsid10578643 
\par 24. Penalty
\par 25. Relationship of this act to other acts
\par 26. Regulations
\par 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13398626 {\fs24\lang2057\langfe5129\langnp2057\insrsid10578643\charrsid10578643 -------------------------------------------}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13398626\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid13398626\charrsid10578643 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13398626 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 1981}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{
\b\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 82, No. 28
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid13398626\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10578643 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 An Act to establish and regulate Off}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13398626\charrsid10578643 Shore Insurance i}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 n the Cook }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13398626\charrsid10578643 I}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 slands and matters related thereto
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13398626\charrsid10578643 
\par }\pard \qr \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13398626 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (13 May 1982
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid13398626\charrsid10578643 
\par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 BE IT ENACTED}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
 by the Parliament of the Cook Islands in Session assembled, and by authority of the same as follows:
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13398626\charrsid10578643 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13398626 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 P}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid15736283\charrsid10578643 ART 1
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\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13398626 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 PRELIMINARY
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\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 1.}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Short}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 title}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 This Act may be cited as the Of}{\fs24\lang2057\langfe5129\langnp2057\insrsid16138237\charrsid10578643 f}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid16138237\charrsid10578643 Shore Insurance Act 198}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 1}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 82.
\par }\pard \ql \li0\ri0\widctlpar\tx432\tx1872\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid13398626\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 2.}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Interpretation}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 In th
is Act, except in so far as the context or subject}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid594478\charrsid10578643 matter otherwise i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ndicates or requires }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid16138237\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16138237 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 "Holder" means, in relation to a licence, the person to whom it was issued;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid16138237\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16138237 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 "Insurance" includes assurance, additional insurance, counter }{
\fs24\lang2057\langfe5129\langnp2057\insrsid594478\charrsid10578643 insurance, treaty and i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 nternal }{\fs24\lang2057\langfe5129\langnp2057\insrsid594478\charrsid10578643 i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 nsurance, and re}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
insurance, guarantee and surety;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid16138237\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16138237 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 "Licence" means a licence granted}{
\fs24\lang2057\langfe5129\langnp2057\insrsid594478\charrsid10578643  pursuant to P}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 art }{\fs24\lang2057\langfe5129\langnp2057\insrsid594478\charrsid10578643 II}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  of this Act;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid16138237\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16138237 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
"Licensee" means any body corporate holding a current valid licence pursuant to the provisions of this A}{\fs24\lang2057\langfe5129\langnp2057\insrsid594478\charrsid10578643 c}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 t;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid16138237\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16138237 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 "Minister" means the Minister of Finance;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid16138237\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16138237 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
"Monetary Board" or "Board" means the Monetary Board established by the Cook Islands Monetary Board Act 1981;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid16138237\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16138237 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 "Off}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Shore insurance business" means any }{\fs24\lang2057\langfe5129\langnp2057\insrsid594478\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
nsurance business transacted exclusively by, for, or }{\fs24\lang2057\langfe5129\langnp2057\insrsid594478\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 n respect of any person who }{
\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid16138237\charrsid10578643 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid16138237 {\fs24\lang2057\langfe5129\langnp2057\insrsid594478\charrsid10578643 (a) is not a resident of and i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 s not domiciled }{\fs24\lang2057\langfe5129\langnp2057\insrsid594478\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 n the Cook Islands; and

\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid16138237\charrsid10578643 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid16138237 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (b) does not engage }{\fs24\lang2057\langfe5129\langnp2057\insrsid594478\charrsid10578643 i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 n a trade or carry}{\fs24\lang2057\langfe5129\langnp2057\insrsid594478\charrsid10578643  on a business within the Cook I}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 slands,}{\fs24\lang2057\langfe5129\langnp2057\insrsid594478\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid594478 {\fs24\lang2057\langfe5129\langnp2057\insrsid594478\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid594478 {\fs24\lang2057\langfe5129\langnp2057\insrsid16395527\charrsid10578643 but does include i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
nsurance business transacted by a company incorporated under the International Companies Act 1981}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
82 or registered as a}{\fs24\lang2057\langfe5129\langnp2057\insrsid16395527\charrsid10578643  foreign company under that Act;}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid16138237\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16138237 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 "To reside" shall have }{\fs24\lang2057\langfe5129\langnp2057\insrsid6887661\charrsid10578643 
the same meaning as is defined i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 n the Constitution, and "residence" and "resident" shall have corresponding meanings;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16138237 {\fs24\lang2057\langfe5129\langnp2057\insrsid16138237\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16138237 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 "Secretary" means Secretary of the Board;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16138237 {\fs24\lang2057\langfe5129\langnp2057\insrsid16138237\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16138237 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 "Trustee Company" means a company registered under the Trustee Companies Act 1981}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 82.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10424066 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10424066\charrsid10578643 PART II}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10424066 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10424066\charrsid10578643 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10424066 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 LICENSING OF OFF}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10424066\charrsid10578643 SHO}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 RE INSURANCE COMPANIES}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10424066\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10424066\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16395527 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 3.}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Off}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10424066\charrsid10578643 shore Ins}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 urance}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 A person shall not transact any off}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid5779998\charrsid10578643 shore i}
{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 nsurance business or hold himself out as transacting any off}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 shore }{\fs24\lang2057\langfe5129\langnp2057\insrsid16395527\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid5779998\charrsid10578643 nsurance business, in }{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 the Cook Islands, unless that person holds a valid off}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 shore }{\fs24\lang2057\langfe5129\langnp2057\insrsid5779998\charrsid10578643 insurance licence i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ssued under this P}
{\fs24\lang2057\langfe5129\langnp2057\insrsid10424066\charrsid10578643 a}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 rt.
\par }\pard \ql \li0\ri0\widctlpar\tx432\tx3024\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid11227303\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 4.}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Licensee to be Body Corporate}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Subject to this Act, }{
\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 no person other than a company i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ncorporated under the International Companies Act 19}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12613060\charrsid10578643 8}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 1}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12613060\charrsid10578643 8}{\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 2 or a foreign company regi}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ster}{
\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 e}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 d under that Act shall be granted a licence.
\par }\pard \ql \li0\ri0\widctlpar\tx432\tx2592\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 
\par 5}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 Application for Licence}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
(1) An application for a licence shall be made to the Monetary Board in the prescribed form, and shall be accompanied by }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14945467 {\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 (a) }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
a certified copy of the Act, charter, deed}{\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643  of settlement, memorandum of associa}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 t}{
\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 on and articles of association of the body corporate, or other document or documents by which}{
\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643  the body corporate i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 s constituted; and
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10235491 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (b) such fee as may be prescribed by regulation; and
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10235491 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (c) such evidence as the Secretary may require }{
\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 .
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid10235491 {\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 (i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 )}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 that the l}{\fs24\lang2057\langfe5129\langnp2057\insrsid14881314\charrsid10578643 a}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ws of the jurisdiction under which the body corporate }{\fs24\lang2057\langfe5129\langnp2057\insrsid14881314\charrsid10578643 is i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ncorporated have been compiled with;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid10235491 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (}{\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 ii}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ) of the nature and character of the body corporate's business;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid10235491 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (}{\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 iii}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ) of the financial standing of the body corporate;}{\fs24\lang2057\langfe5129\langnp2057\insrsid13007907\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13007907 {\fs24\lang2057\langfe5129\langnp2057\insrsid13007907\charrsid10578643 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid10235491 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (iv) of the stock ownership of the body corporate;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid10235491 {\fs24\lang2057\langfe5129\langnp2057\insrsid5197168\charrsid10578643 (v) of the shareholding and management of the body corporate; and}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13007907 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (d) an address fo}{\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 r service}
{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  within the Cook Islands; and
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10235491 {\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 (e) }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
such references as the Secretary may require; and
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10235491 {\fs24\lang2057\langfe5129\langnp2057\insrsid5197168\charrsid10578643 (f) Such other information as may be required by regulation.}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10235491\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid7737794\charrsid10578643  In addition to the documents, i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
nformation, and evidence which shall accompany an application under subsection (1) of this section, an applicant shall, }{\fs24\lang2057\langfe5129\langnp2057\insrsid7737794\charrsid10578643 i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 f required }{\fs24\lang2057\langfe5129\langnp2057\insrsid9636172\charrsid10578643 to do so by the Secretary, furni}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
sh such}{\fs24\lang2057\langfe5129\langnp2057\insrsid9636172\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 additional documents, }{\fs24\lang2057\langfe5129\langnp2057\insrsid7737794\charrsid10578643 i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 nformation, or evidence as }{\fs24\lang2057\langfe5129\langnp2057\insrsid7737794\charrsid10578643 the }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
Secretary may require.
\par }\pard \ql \li0\ri0\widctlpar\tx432\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid9636172\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 6.}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Decision of Board}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (1) Wher}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9636172\charrsid10578643 e an application for a licence i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
s made to the Secretary, he shall refer that application to the Board, which shall, after due consideration of that application, either grant a licence or reject the application, or defer the application and}{
\fs24\lang2057\langfe5129\langnp2057\insrsid10438265\charrsid10578643  direct that such enquiries as it considers necessary be ma}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 de.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid9636172\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (2) I}{\fs24\lang2057\langfe5129\langnp2057\insrsid9636172\charrsid10578643 n making i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
ts decision under subsection (1) of this section}{\fs24\lang2057\langfe5129\langnp2057\insrsid10438265\charrsid10578643 ,}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
 the Board shall have regard to whether the licence is to the advantage }{\fs24\lang2057\langfe5129\langnp2057\insrsid10438265\charrsid10578643 of}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  the people of the Cook Islands}{
\fs24\lang2057\langfe5129\langnp2057\insrsid10438265\charrsid10578643  and}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
 to the effect that the grant or that licence would have on the stability and balanced development of the Cook Islands' economy.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid858101\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (3) Where the Board rejects an application, the Board need not give any reason for such rejection.
\par }\pard \ql \li0\ri0\widctlpar\tx432\tx3600\tx4032\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid858101\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 7.}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Licence may be subject to condit}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid858101\charrsid10578643 ion}{\fs24\lang2057\langfe5129\langnp2057\insrsid858101\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (1)}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Where the Board grants a licence, }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6168553\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 t shall do so subject to such terms and conditions, }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6168553\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 f any, as it thinks fit.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid858101\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (2) If terms and conditions are }{\fs24\lang2057\langfe5129\langnp2057\insrsid6168553\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
mposed under subsection (1) }{\fs24\lang2057\langfe5129\langnp2057\insrsid6168553\charrsid10578643 of}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  this section the Board may, from time to time, vary or revoke any }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6168553\charrsid10578643 of}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  those terms or conditions or impose any additional conditions.
\par }\pard \ql \li0\ri0\widctlpar\tx432\tx1872\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid858101\charrsid10578643 
\par 8}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Refund }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6168553\charrsid10578643 of}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  Fee}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Where an application for }{\fs24\lang2057\langfe5129\langnp2057\insrsid858101\charrsid10578643 a}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  licence is rejected, any application fee, less a prescribed administration charge, may be refunded.
\par }\pard \ql \li0\ri0\widctlpar\tx432\tx2592\tx3024\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid858101\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 9.}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Notification of changes}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (1)}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 The holder of a licence shal}{\fs24\lang2057\langfe5129\langnp2057\insrsid858101\charrsid10578643 l}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 , within 3 months after the making of an alteration }{\fs24\lang2057\langfe5129\langnp2057\insrsid6168553\charrsid10578643 i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 n the Act, charter, deed of settlement, memorandum of association, articles of association or other d}{\fs24\lang2057\langfe5129\langnp2057\insrsid858101\charrsid10578643 
ocument by which the licensee wa}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 s constituted }{\fs24\lang2057\langfe5129\langnp2057\insrsid6168553\charrsid10578643 a}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  body corporate, furnish to the Secretary particulars in writing of the alteration verified by }{\fs24\lang2057\langfe5129\langnp2057\insrsid858101\charrsid10578643 a}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  statutory declaration made by a senior officer }{\fs24\lang2057\langfe5129\langnp2057\insrsid6168553\charrsid10578643 of}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid858101\charrsid10578643 the body corporate authori}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 sed to do so.

\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid858101\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (2) The holder of a licence shall forthwith notify }{\fs24\lang2057\langfe5129\langnp2057\insrsid858101\charrsid10578643 the Secretary, in writing, of }{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 any material change }{\fs24\lang2057\langfe5129\langnp2057\insrsid6168553\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
n the particulars set out }{\fs24\lang2057\langfe5129\langnp2057\insrsid6168553\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 n the application for }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6168553\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ssue o}{\fs24\lang2057\langfe5129\langnp2057\insrsid7412594\charrsid10578643 f}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6168553\charrsid10578643 licence or in the documents, i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
nformation, or evidence ac}{\fs24\lang2057\langfe5129\langnp2057\insrsid6168553\charrsid10578643 companying that application or i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 n any documents, inf}{
\fs24\lang2057\langfe5129\langnp2057\insrsid858101\charrsid10578643 ormation, or evidence, if any, g}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 iven under section 5(2) of this Act.
\par }\pard \ql \li0\ri0\widctlpar\tx2592\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid858101\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 10. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Licence not transferable}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
(1) In this section "transfer" in relation to a body corporate, shall include the sale, transfer, or other disposition whatsoever of any of the shares of the capital or the body corporate
, or of the shares of any company or companies controlling that body corporate}{\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 , or any issue or allotment of }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
any new shares }{\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 n }{\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 th}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 e Capital of the body corporate, or the happening of any other matter or event whatsoever, the effect of which is to transfer d
irectly or indirectly the effective ownership, management, and control of the body corporate.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (2) The holder of a licence shal}{\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 l not transfer the licence and a}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ny such purported transfer shall be ab}{\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
initio void and of no affect.
\par }\pard \ql \li0\ri0\widctlpar\tx3600\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 11. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Cancellation or suspension of Licence}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
(1) A licence may be cancelled or suspended by the Board, for such period as the Board deems fit, where the holder of the licence }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8931468 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (a) }{\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 
fails to furnish any document, i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 nformation or evidence under subsection (1) or subsection (2) of section 5 of this Act;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8931468 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (b) fails to give a notification to the Secretary under section 9(2) of this Act;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8931468 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (c) does }{\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 
not, within 6 months after the i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ssuance of the licence, commence to transact off}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 shore i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 nsurance business;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8931468 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 (d) fai}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
ls to comply with a term or condition of the licence;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8931468 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (e) }{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 s }{\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 n br}{
\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 each of any duty or obligation i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 mposed upon it by this}{
\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Act or commits an offence under this Act; or
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid8931468 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (f) }{\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 ceases to transact off-}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 shore }{\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 nsurance business under the licence.

\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid8931468\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (2) }{\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 Where the Board i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
ntends to suspend or cancel a licence under subsection (1) o}{\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 f this section i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
t shall give the holder of the licence notice of }{\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 its i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ntention }{
\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 a}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 nd a reasonable opportunity to show cause to the Board why the licence should not be cancelled.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (3) Where the Board has given notice to the holder of a licence or }{\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 its i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ntention to suspend or cancel the licence under subsection (2) of}{\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 this section the Board, after considering any submission by the holder or the licence, may resolve }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2701176 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 (a) to proceed with i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
ts intention to suspend or cancel that licence;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2701176 {\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 (b) to alter its i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
ntention by su}{\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 spending }{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 
nstead of cancelling t}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 hat lic}{\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 en}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
ce or vice versa; or
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2701176 {\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 (c) not to proceed with its i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
ntention to suspend or cancel that licence,
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 and shall notify the holder of the licence of its }{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ntention.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
(4) Where the Board notifies the holder of a licence of its decision to suspend or cancel that licence under subsection (3) of this section, the holder of the licence shall return that licence to the Secretary forthwith.
\par }\pard \ql \li0\ri0\widctlpar\tx3888\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 
\par 12. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 Appeal}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 a}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ga}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 i}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 nst c}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 a}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 nce}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 llati}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 on or suspension}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Any person }{\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 who i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
s aggrieved by the cancellation or suspension of a licence may, within }{\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 14 days of the giving of the}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
 notice under section 11(3) of this Act, appeal against the cancellation or suspensio}{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 n to a Judge of the High Court i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 n chambers whose decision thereon shall be final.
\par }\pard \ql \li0\ri0\widctlpar\tx2304\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 13. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Conditions of licences}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 (1) A licence shall, subj}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
ect to this Act, be valid for}{\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643  a period of 1 year from the dat}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 e of gra}{
\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 nting, and may be renewed upon a}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 pplication.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (2) The holder of a licence shall not transact, in the Cook Islands}{\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 , any insurance business other than }{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 off}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 shore insurance business.
\par }\pard \ql \li0\ri0\widctlpar\tx2160\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid2701176\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 14. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10507500\charrsid10578643 P}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 lace of Business}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 The holder of a}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  licence shall transact business only through the o}{\fs24\lang2057\langfe5129\langnp2057\insrsid10507500\charrsid10578643 ff}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ice of a trustee company unless that licence holder applies for and receives the prior written permission of the Board to maintain a }{
\fs24\lang2057\langfe5129\langnp2057\insrsid10507500\charrsid10578643 permanent }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
establishment in the Cook Islands and the Board may grant that permission upon such terms and conditions as it thinks fit.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid10507500\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\tx1728\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 15. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Licence fee}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (1) There shall be payable up
on the grant of every licence a licence fee which shall be prescribed by regulation.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10507500\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (2) }{\fs24\lang2057\langfe5129\langnp2057\insrsid10507500\charrsid10578643 Every licence m}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
ay be renewed annually upon payment of such annual fee as }{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 may be prescribed by regulation.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\tx1872\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10507500\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 16. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Asset backin}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10507500\charrsid10578643 g}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
An applicant for, and a holder of, a licence }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10507500\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10507500 {\fs24\lang2057\langfe5129\langnp2057\insrsid10507500\charrsid10578643 (a) shall have such surplus }{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 or tangible assets over liabilities as may from time to time be prescribed by regulation; and
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10507500\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10507500 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 (b) i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
f required at any time in writing by the Board so to do, shall demonstrate to}{\fs24\lang2057\langfe5129\langnp2057\insrsid10507500\charrsid10578643  the satisfaction of the Board i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
ts financial stability.
\par }\pard \ql \li0\ri0\widctlpar\tx2736\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10507500\charrsid10578643 
\par 17.}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Annual Report and}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid10507500\charrsid10578643  }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Audit}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (1) The holder of a licence shall submit to the Board within 6 }{\fs24\lang2057\langfe5129\langnp2057\insrsid10507500\charrsid10578643 months of the end of its financi}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 al year audited accounts }{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
n the form prescribed by regulation.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid10507500\charrsid10578643 
\par (2) F}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 or the purposes of subsection (1) of this section, the audit shall be carried out by a competent auditor approved for that purpose by the Board.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid7018491\charrsid10578643 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6450439 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 PART III
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6450439 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6450439 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 MISCELLANEOUS
\par }\pard \ql \li0\ri0\widctlpar\tx3024\faauto\adjustright\rin0\lin0\itap0\pararsid6450439 {\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 18. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 Keeping of accounting records}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
 - (1) In this section -
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6450439 {\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15950104 {\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 "Accounting records", }{\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 
in relation to a body corporate i}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
ncludes such working papers and other documents as are necessary to explain the methods and calculations by which accounts of the body corporate are made up;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6450439 {\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15950104 {\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 "Accounts"}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
 means profit and loss accounts }{\fs24\lang2057\langfe5129\langnp2057\insrsid11148667\charrsid10578643 and balance sheets, and i}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 ncludes notes (other than direc}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11148667\charrsid10578643 tors' reports) attached to, or i}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 ntended to be read with, any of those profit and loss accounts or balance sheets.

\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6450439 {\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 (2) The holder of a licence shall -
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15950104 {\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 (a) keep such accounting records as correctly record and explain the t
ransactions and financial position of the body corporate;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15950104 {\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15950104 {\fs24\lang2057\langfe5129\langnp2057\insrsid11148667\charrsid10578643 (b) keep its accounting records i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 n such a manner as will enable true and fair accounts of the body corporate to be prepared from time to time; and
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15950104 {\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15950104 {\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 (c) }{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
keep its accounting records in such a manner as will enable the accounts of the body corporate to be conveniently and properly audited.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6450439 {\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 19. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 Inspection }{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 -}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11148667\charrsid10578643  (1) In this section "i}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
nspector" means a person appointed, in writing, by the Board, for the purposes of this section.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 (2) An inspector, upon production of proof of his appointment, shall, during the normal office hours of the licensee, have the right to }{
\fs24\lang2057\langfe5129\langnp2057\insrsid11148667\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 nspect -
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15950104 {\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 (a) the licensee's accounting records;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15950104 {\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15950104 {\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 (b) the licensee's register of shares;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15950104 {\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15950104 {\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 (c) the licensee's record of transactions;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15950104 {\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15950104 {\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 (d) any other record kept by the licensee }{
\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 n the course of }{\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 ts off-}{\fs24\lang2057\langfe5129\langnp2057\insrsid11148667\charrsid10578643 shore}{\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 insurance business; and
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15950104 {\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15950104 {\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 (e) the premises}{\fs24\lang2057\langfe5129\langnp2057\insrsid11148667\charrsid10578643 
 where the licensee carries on i}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 ts off-shore insurance business.
\par }\pard \ql \li0\ri0\widctlpar\tx2592\tx3024\faauto\adjustright\rin0\lin0\itap0\pararsid6450439 {\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 20. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 Supply of Information}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
 - (1) The holder of a licence s}{\fs24\lang2057\langfe5129\langnp2057\insrsid14515464\charrsid10578643 hall furnish to the Board such information in respect of i}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 ts off-shore }{
\fs24\lang2057\langfe5129\langnp2057\insrsid14515464\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 nsurance business as the Board directs.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6450439 {\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 (2) A direction under }{\fs24\lang2057\langfe5129\langnp2057\insrsid14515464\charrsid10578643 this section shall not require i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 nformation to be furnished wit}{\fs24\lang2057\langfe5129\langnp2057\insrsid14515464\charrsid10578643 h respect to the affairs of an i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 ndividual customer.
\par }\pard \ql \li0\ri0\widctlpar\tx576\tx3600\tx4032\tx4320\tx5040\tx5328\faauto\adjustright\rin0\lin0\itap0\pararsid6450439 {\fs24\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 21. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid15950104\charrsid10578643 Use of Information by Board}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
 and others}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643  - No member of the Board, nor the Secretary nor an }{\fs24\lang2057\langfe5129\langnp2057\insrsid7487624\charrsid10578643 i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
nspector appointed under section 19 of this Act, shall reveal any information to any person other than to an officer of the Crown for the purposes of enabling him to carry out his duties as such officer of the Crown, and any such officer of the Crown to w
hom such }{\fs24\lang2057\langfe5129\langnp2057\insrsid7487624\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 nformation }{\fs24\lang2057\langfe5129\langnp2057\insrsid7487624\charrsid10578643 i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 s revea}{\fs24\lang2057\langfe5129\langnp2057\insrsid7487624\charrsid10578643 led shall similarly not reveal i}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
t to any person other th}{\fs24\lang2057\langfe5129\langnp2057\insrsid7487624\charrsid10578643 an such a person as i}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 s referred to herein.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6450439 {\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\tx3168\faauto\adjustright\rin0\lin0\itap0\pararsid6450439 {\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 22. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
Breaches of professional secrecy}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643  - (1) Every person commits an offence who -
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7018491 {\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid14032752\charrsid10578643 (}{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 a) divulges any i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12736313\charrsid10578643 nformation, in the Cook I}{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 slands or elsewhere, in relation to -
\par }\pard \ql \li0\ri0\widctlpar\tx1008\faauto\adjustright\rin0\lin0\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
\par }\pard \ql \li1440\ri0\widctlpar\tx1008\faauto\adjustright\rin0\lin1440\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 (i) any off-shore insurance business in the Cook Islands;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
(ii) the transfer of monies and property into or out of the Cook Islands in the course of any off-}{\fs24\lang2057\langfe5129\langnp2057\insrsid12736313\charrsid10578643 shore i}{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
nsurance business; or
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 (iii) any insurance policy issued by a licensee or the fact o}{
\fs24\lang2057\langfe5129\langnp2057\insrsid12736313\charrsid10578643 f any person having, or having ha}{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 d such a policy,
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 of which he has b}{\fs24\lang2057\langfe5129\langnp2057\insrsid16515473\charrsid10578643 
ecome aware in his}{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643  capacity as an officer, employee, or authorised agent of }{\fs24\lang2057\langfe5129\langnp2057\insrsid16515473\charrsid10578643 a}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643  licensee, or as an officer or employee of an auditing company; or
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13582972\charrsid10578643 (b) attempts to i}{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
nduce others to breach professional secrecy in relation to any such matters.
\par }\pard \ql \li0\ri0\widctlpar\tx3456\faauto\adjustright\rin0\lin0\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
\par (2) An offence under subsection (1) of this section may be committed either during, or after the termination of, the official or employment relationship or of the agency or the practice of the profession.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
\par (3) Notwithstanding subsection (1) of this section, it shall not be an offence unde}{\fs24\lang2057\langfe5129\langnp2057\insrsid13582972\charrsid10578643 r this section to divulge such i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 nformation -
\par 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid483865\charrsid10578643 (a) to an i}{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
nspector pursuant to section 19 or if directed to do so by the Board pursuant to section 20 of this Act;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 (b) to the person on whose behalf the off-shore insurance business is being carried out;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
(c) In the Cook Islands, to an officer or employee of the same licensee in the performance of his duties as an officer or employee;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
(d) to an officer or employee of an insurance company or other such financial institution outside the Cook Islands, if }{\fs24\lang2057\langfe5129\langnp2057\insrsid3616907\charrsid10578643 all}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643  the persons concerned in the insurance business or in whose name the policy stands, consent in writing to his doing so;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 (e) to an officer or employee of the licensee outside the Cook Islands, so }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3616907\charrsid10578643 l}{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 ong as the names of the persons concerned in the insurance business a}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3616907\charrsid10578643 nd any information which might i}{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 dentify them }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3616907\charrsid10578643 and the names in which policies}{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643  stand are not divulged;
\par }\pard \ql \li0\ri0\widctlpar\tx4032\faauto\adjustright\rin0\lin0\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
\par }\pard \ql \li720\ri0\widctlpar\tx4032\faauto\adjustright\rin0\lin720\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 (f) to an officer or employee of a trustee company at whose office the licensee }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3616907\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 s transacting business pursuant to section 14 of this Act.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13663277 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
\par (4) For the purposes of subsection (3)(d) of this section, all the persons concerned in off-shore i}{\fs24\lang2057\langfe5129\langnp2057\insrsid3616907\charrsid10578643 nsurance business and i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 n whose names policies stand shall be deemed to have consented to an officer or employee of a licensee divulging to an officer or employee of an }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3616907\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 nsurance }{\fs24\lang2057\langfe5129\langnp2057\insrsid3616907\charrsid10578643 i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 nstitution}{\fs24\lang2057\langfe5129\langnp2057\insrsid3616907\charrsid10578643  outside the Cook Islands such i}{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
nformation of the off-shore insurance}{\fs24\lang2057\langfe5129\langnp2057\insrsid3616907\charrsid10578643  business being carried out as i}{\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
s essential to the carrying out of that insurance business, but the consent deemed to be given pursuant to this}{\fs24\lang2057\langfe5129\langnp2057\insrsid3616907\charrsid10578643  subsection shall not apply to a}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 ny particulars which are not so essential to the carrying out of that }{\fs24\lang2057\langfe5129\langnp2057\insrsid3616907\charrsid10578643 i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 nsurance business.
\par 
\par (5) 
Nothing in this section shall prevent the High Court from requiring any person to produce documents or to give evidence in any criminal proceedings or in any civil proceedings alleging fraud or other dishonesty of any facts relevant in such proceedings.

\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7018491 {\fs24\lang2057\langfe5129\langnp2057\insrsid13663277\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 23. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Breach of secrecy by officer or employee}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid7018491\charrsid10578643  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid7434322\charrsid10578643 deemed to be brea}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ch by licensee}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 (1)}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
For the purposes of section 22 of this Act, an offence by an officer or employee of a licensee or of an auditing company, as the case may be, or by a person after termination
 of his employment as an officer or employee of a licensee or of an auditing company, as the case may b}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 e, whether such offence occurs i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 n the Cook Islands or elsewhere, sh}{\fs24\lang2057\langfe5129\langnp2057\insrsid7018491\charrsid10578643 a}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
ll be deemed also to be an offence b}{\fs24\lang2057\langfe5129\langnp2057\insrsid7018491\charrsid10578643 y that licensee or by that auditi}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 ng company.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid7018491\charrsid10578643 
\par (2) Notwithstandi}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
ng subsection (1) of this section an offence under section 22 of this Act by a person after termination of the official or employment relationship, or of the practice of the profession with a licensee or an auditing company shall not be deeme
d also to be an offence by the licensee or by the auditing company, where the licensee or auditing company, as the case may be, ca}{\fs24\lang2057\langfe5129\langnp2057\insrsid7434322\charrsid10578643 n}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  demonstrate, on the balance of probabilities, that }{\fs24\lang2057\langfe5129\langnp2057\insrsid7434322\charrsid10578643 i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 t has take}{\fs24\lang2057\langfe5129\langnp2057\insrsid7434322\charrsid10578643 n}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
 all reasonable steps to prevent an offence by the person.
\par }\pard \ql \li0\ri0\widctlpar\tx1296\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid7018491\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 24. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Penalty}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Every person who comm}{\fs24\lang2057\langfe5129\langnp2057\insrsid7018491\charrsid10578643 
its an offence against this Act}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 , where no other penalty is provided, shal}{\fs24\lang2057\langfe5129\langnp2057\insrsid7434322\charrsid10578643 l be liable upon conviction to i}{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 mprisonment for a term not exceeding 1 year, or to a fine of $10,000, or both.
\par }\pard \ql \li0\ri0\widctlpar\tx432\tx3600\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid7018491\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 25.}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Relationsh}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid7018491\charrsid10578643 ip }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 of this Act to other Acts}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
Where the provisions of this Act conflict with the provisions of any Act, other than the constitution of the Cook Islands, then the provisions of this Act shall prevail.
\par }\pard \ql \li0\ri0\widctlpar\tx432\tx1440\tx1728\tx2160\tx2880\tx4032\tx4464\tx4752\tx5328\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 26.}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 Reg}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid8723975\charrsid10578643 u}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 lations}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 The}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Queen's}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Representative}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 may}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 by}{\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 Order}{
\fs24\lang2057\langfe5129\langnp2057\insrsid1005755\charrsid10578643  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
n Executive Council make regulations prescribing all matters that by this Act are required or permitted to be prescribed by regulation or that are necessary for carrying out or giving full effect to the purposes or provisions of this Act and for the due a
dministration thereof.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6450439 {\fs24\lang2057\langfe5129\langnp2057\insrsid10578643 -------------------------------------}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1005755 {\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3493620 {\fs24\lang2057\langfe5129\langnp2057\insrsid12085350\charrsid10578643 This Act i}{\fs24\lang2057\langfe5129\langnp2057\insrsid4792530\charrsid10578643 
s administered by the Cook Islands Monetary Board}{\fs24\lang2057\langfe5129\langnp2057\insrsid3493620\charrsid10578643 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid6450439\charrsid10578643 
\par }}