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Vanuatu Consolidated Legislation - 1988 |
Commencement: 29 December 1973
LAWS OF THE REPUBLIC OF VANUATU
REVISED EDITION 1988
CHAPTER 82
INSURANCE
QR 18 of 1973
QR 11 of 1974
QR 2 of 1975
QR 7 of 1978
Act 10 of 1988
ARRANGEMENT OF SECTIONS
SECTION
PART I
Preliminary Provisions
1. Interpretation
2. Application of Parts II and III
PART II
Provisions governing registration, cancellation of registration, and the carrying on
of insurance business by insurers (other than members of associations of underwriters)
3. Insurers to be registered
5. Application for registration as insurer
6. Minister may register or refuse application
7. Notification of decision on application
12. Control of advertisements
13. Separate accounts for business other than insurance business of insurers
15. Security of life policy-holders
16. Audit of accounts of registered insurers
18. Separate or group accounts
19. Keeping of records by insurers
21. Amalgamations and transfers of insurance business
PART III
Provisions governing registration, cancellation of registration and the carrying on of insurance business by members of associations of underwriters
22. Registration of associations of underwriters
25. Application of other sections
PART IV
Registration and cancellation of registration of insurance agents, brokers and insurance salesmen
26. Insurance agents, insurance brokers and insurance salesmen to be registered
27. Application for registration
28. Cancellation of registration
32. Paying over premiums to insurer
PART V
33. Exempted insurers
34. Provisions not applying to exempted insurers
PART VI
General powers and duties
38. Registration and cancellation of registration to be notified in Gazette
39. Investigation of the affairs of an insurer
40. Power of Registrar to petition for winding-up
PART VII
Miscellaneous provisions
42. Registered names
43. Policies to be printed or typed in clearly legible letters
45. Cancellation of policies
46. Jurisdiction of local courts
47. Borrowing powers of directors
48. Prohibition of loans to directors etc.
49. Service of process upon registered insurers
51. False statements etc.
52. General provisions relating to offences
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INSURANCE
To make provision relating to the carrying on of insurance business within and from within Vanuatu and for purposes connected therewith.
PART I
INTERPRETATION
1. In this Act, unless the context otherwise requires -
"actuary" means a person qualified as an actuary by examination of the Institute of Actuaries in England or the Faculty of Actuaries in Scotland or an actuary possessing such other qualifications as the Minister may recognise;
"association of underwriters" means an association of individual underwriters, organised according to the system known as Lloyd's whereby every underwriting member of a syndicate becomes liable for a separate part of the sum secured by each policy subscribed to by that syndicate, limited or proportionate to the whole sum thereby secured;
"auditor" means a person who is qualified for appointment as auditor of a company under the provisions of section 166 of the Companies Act, Cap. 191 or under any other law which may be enacted from time to time regulating auditors carrying on business in Vanuatu;
"director" means any person occupying the position of director of a body corporate by whatever name called;
"exempted insurer" means an insurer registered as an exempted insurer under the provisions of section 33;
"external insurer" means an insurer who is not a local insurer nor an exempted insurer;
"financial year", in relation to an insurer, means each period not exceeding 53 weeks at the end of which the balance of the accounts of the insurer is struck;
"Inspector" means a person appointed as such under the provisions of section 39;
"insurance agent" means a person who with the authority of an insurer acts on his behalf in the initiation of insurance business, the receipt of proposals, the issue of policies or the collection of premiums;
"insurance broker" means a person who arranges insurance business with insurers on behalf of prospective policy-holders or as a policy-holder's representative;
"insurance business" means the soliciting, effecting or carrying out of contracts of insurance as an insurer and includes re-insurance business;
"insurance salesman" means an individual employed by an insurer or agent to solicit applications for insurance or negotiate insurance business on behalf of an insurer or an agent, but shall not include a bona fide salaried employee of a registered insurer, insurance agent or broker who is employed at its principal office or branch thereof;
"insurer" means a person effecting and carrying on insurance business and, except where otherwise stated, includes each member of an association of underwriters;
"life assurance business" means insurance of human lives and insurance appertaining thereto or connected therewith and includes the granting of annuities, endorsement benefits, sinking fund benefits and benefits in the event of death or disability by accident or sickness:
Provided that such insurance against disability by accident or sickness is included as an additional benefit in a life policy;
"life assurance policy" means an ordinary life assurance policy, an industrial life assurance policy or a sinking fund or bond investment policy;
"life assurer" means an insurer carrying on life assurance business;
"local insurer" means an insurer incorporated or constituted in and having its head office in Vanuatu;
"local policy" means a policy issued by a registered insurer on property, lives or other risks located in Vanuatu;
"Minister" means the Minister responsible for commerce;
"mutual company" means an insurance company whose capital is owned by the policy- holders of that company;
"officer", in relation to a body corporate, includes a director, manager or secretary of that body, or any person having or exercising powers or duties substantially similar to any of those officers;
"owner", in relation to a policy, means a person who is entitled to claim any benefit provided for in the policy;
"policy" means any written contract of insurance whether contained in one or more documents;
"principal office" means the office notified to the Registrar in accordance with the provisions of section 11;
"principal representative" means the representative notified to the Registrar in accordance with the provisions of section 11;
"Registrar" means the person appointed as Registrar for the administration of this Act and includes any person appointed to be the Deputy Registrar or an Assistant Registrar when exercising any powers under this Act in accordance with the directions of the Registrar;
"registered insurance agent" means a person registered as such under Part IV and thereby qualified to act as an agent for a registered insurer;
"registered insurance broker" means a person registered as such under Part IV;
"registered insurer" means an insurer registered under Part II or Part III;
"sinking fund policy" means a policy whereby one party to the contract assumes the obligation to pay, after the expiration of a certain period or during a specified period, a certain sum or certain sums of money to a particular person in return for the payment from time to time of certain sums of money by the other party to the contract;
"rules" means rules made by the Minister under this Act.
APPLICATION OF PARTS II AND III
2. Subject to the provisions of section 25 -
(a) Part II shall apply to insurers other than members of an association of underwriters;
(b) Part III shall apply to insurers who are members of an association of underwriters;
PROVISIONS GOVERNING REGISTRATION, CANCELLATION OF REGISTRATION, AND THE CARRYING ON OF INSURANCE BUSINESS BY INSURERS (OTHER THAN MEMBERS OF ASSOCIATIONS OF UNDERWRITERS)
INSURERS TO BE REGISTERED
(2) Any person who contravenes the provisions of subsection (1) shall be guilty of an offence and shall be liable on conviction to the penalty prescribed in section 52.
(3) For the purposes of this Part, any company which maintains a business office in Vanuatu shall be deemed to issue from within Vanuatu any policy of insurance issued in its name, on property, lives or other risks located in Vanuatu whether or not such policy of insurance is or has been issued in Vanuatu.
FINANCIAL REQUIREMENT FOR REGISTRATION
(2) Every company registered as an insurer carrying on life assurance business shall have a paid up share capital, or equivalent surplus if a mutual company, of VT30,000,000.
(3) Every company registered as an insurer carrying on insurance business, other than life assurance business, shall have assets which exceed all liabilities by the amount specified in the following table -
TABLE
________________________________________________________________________
Case Amount
________________________________________________________________________
1. The non-life assurance premium income of the VT14,000,000
registered insurer in its last preceding financial
year did not exceed V'170,000,000.
VT700,000,000.
amount by which the said income in that year exceeded VT700,000,000.
________________________________________________________________________
(4) The Minister may by notice in the Gazette modify the requirements of this section where it appears to him to be necessary to do so in order to create a market for insurance coverage needed in the public interest.
APPLICATION FOR REGISTRATION AS INSURER
MINISTER MAY REGISTER OR REFUSE APPLICATION
(2) Whenever the Minister considers it to be in the public interest, he may refuse the registration of any insurer and any such decision shall be final.
(3) The Minister may refuse the registration of a local insurer if, in his opinion, any officer of the insurer is not a fit and proper person to be associated with insurance companies.
NOTIFICATION OF DECISION ON APPLICATION
PROVISIONS FOR RESTRICTING REGISTERED INSURERS FROM WRITING NEW BUSINESS AND FOR SECURING PROPER CONDUCT OF BUSINESS
(2) The Minister may require that a registered local insurer shall not make investments of a specified class and may in that case require such insurer to realise investments of that class within a specified period.
(3) The Registrar shall notify the registered insurer in writing of any decision made under the provisions of subsection (1) or (2) and shall state the reasons for the decision.
(4) A registered insurer shall comply with the terms of any prohibition or requirement notified to him in accordance with the provisions of this section.
CANCELLATION OF REGISTRATION
9. (1) The Minister may cancel the registration of an insurer -
(a) if the insurer has ceased to carry on an insurance business in Vanuatu; or
(b) if the insurer has not commenced business in Vanuatu within 2 years of registration; or
(c) at the request of the registered insurer or his liquidator, trustee or any manager or receiver appointed by the court; or
(d) if false, misleading or inaccurate information is given in an application or under the provisions of section 12, 17, 23 or 37; or
(e) if he is not satisfied that the free assets of the insurer are sufficient for the proper conduct of his insurance business; or
(f) if he is not satisfied that the insurance business of the insurer is being conducted in accordance with sound insurance principles; or
(g) if the insurer has contravened any of the provisions of this Act; or
(h) if the insurer does not fulfil the financial requirements of section 4.
(2) The cancellation shall be effective 15 days after the Registrar has given written notice to the insurer of the intention to cancel the registration.
POLICIES ISSUED BEFORE REFUSAL OF APPLICATION OR CANCELLATION OF REGISTRATION
REGISTERED INSURERS TO MAINTAIN PRINCIPAL OFFICE AND APPOINT PRINCIPAL REPRESENTATIVE
(2) A registered insurer shall notify the Registrar in writing of the situation of its principal office and the name of its principal and alternate representatives.
(3) If a registered insurer changes the situation of its principal office or appoints a new principal or alternate representative, it shall, forthwith, and in any case within 21 days of the change, give notice thereof to the Registrar in writing.
CONTROL OF ADVERTISEMENTS
SEPARATE ACCOUNTS FOR BUSINESS OTHER THAN INSURANCE BUSINESS OF INSURERS
LIFE ASSURANCE CARRYING ON OTHER BUSINESS
(2) All receipts of a life assurer in respect of its life assurance business shall be carried to and form part of its life assurance fund.
(3) Payments from the life assurance fund of a registered insurer shall not be made directly or indirectly for any purpose other than those of its life assurance business, except insofar as such payments can be made out of any surplus disclosed on an actuarial valuation and certified by the actuary to be distributable otherwise than to policy-holders.
(4) Nothing in this section contained shall be deemed to require the investments of any life assurance fund to be kept separate from the investments of any other fund.
SECURITY OF LIFE POLICY-HOLDERS
15. (1) The assets of the life assurance fund of a registered insurer -
(a) shall be absolutely the security of the life policy-holders as though the insurer carried on no business other than life assurance business;
(b) shall not be subject to any liabilities arising from contracts of the registered life assurer carrying on other business or insurance business to which it would not have been subject had the business of the insurer been only that of life insurance; and
(c) shall not be applied, directly or indirectly, for any purposes other than those to which the fund is applicable.
(2) In the winding-up of a life assurer the value of the liabilities and assets of its life assurance fund shall be ascertained separately from the value of any other liabilities or assets and no assets of the life assurance fund shall be applied to the discharge of any liabilities other than those towards life policy-holders except insofar as those assets exceed those liabilities.
AUDIT OF ACCOUNTS OF REGISTERED INSURERS
(2) The auditor of a registered insurer shall satisfy himself that the accounts of the insurer have been properly prepared in accordance with the books and records of the insurer and in accordance with sound accounting principles.
(3) The auditor of a registered insurer shall include in his certificate such particulars as may be prescribed by rules.
ACCOUNTS AND BALANCE SHEETS OF REGISTERED INSURERS TO BE SUBMITTED
(a) a certified copy of the audited balance sheet and accounts showing the financial position of all the insurance business of the insurer at the close of that year; and
(b) such other documents and information as the Registrar may require or as may be prescribed by rules and shall at the time of furnishing the balance sheet and accounts to the Registrar as required by paragraph (a) cause a summary thereof in a form previously approved by the Registrar to be published in the Gazette.
(2) A registered insurer shall furnish to the Registrar a copy of any report on the affairs of the insurer submitted to the policy-owners or shareholders of the insurer in respect of the financial year to which the balance sheet relates.
(3) A registered insurer liable under a life assurance policy shall, at the request of the owner, furnish him free of charge with a copy of the relevant revenue account, profit and loss account and balance sheet prepared by the insurer in terms of subsection (1) in respect of its last preceding financial year, and shall make available at the request of the policy-owner, for inspection at the insurer's principal office a copy of the last actuarial report.
SEPARATE OR GROUP ACCOUNTS
KEEPING OF RECORDS BY INSURERS
PERIODICAL INVESTIGATIONS TO BE MADE INTO FINANCIAL POSITION OF LIFE ASSURERS
Provided that the Minister may require a life assurer to cause such an investigation to be made at any time if he deems it to be in the public interest to do so.
(2) A life assurer shall, whenever its financial position is investigated with a view to a distribution of surplus or in compliance with subsection (1), prepare and furnish to the Registrar within 6 months of the date to which its accounts are made up, for the purposes of the investigation, a full report of the actuary by whom the investigation was made or an abstract thereof at the Registrar's option, and a statement of its life assurance business at that date. The actuary shall also provide a statement of the assumption and the methods used in making the valuation.
AMALGAMATIONS AND TRANSFERS OF INSURANCE BUSINESS
(a) amalgamate with any one or more insurers; or
(b) transfer its insurance business or a part thereof to, or take transfer of the insurance business or a part thereof from, another insurer, unless the amalgamation, or, as the case may be, the transfer is sanctioned by the Minister.
PROVISIONS GOVERNING REGISTRATION, CANCELLATION OF REGISTRATION AND THE CARRYING ON OF INSURANCE BUSINESS BY MEMBERS OF ASSOCIATIONS
OF
UNDERWRITERS
REGISTRATION OF ASSOCIATIONS OF UNDERWRITERS
(2) The Minister may direct the Registrar to register as an insurer an association of underwriters but may refuse the registration of any particular association or syndicate of an association when he considers that such registration is not in the public interest.
(3) An application for registration submitted by an association of underwriters shall be made to the Minister through the Registrar and shall be accompanied by the following documents -
(a) a copy of its statutes or articles of association; and
(b) in the case of an association constituted outside Vanuatu a certificate stating that it has been established for at least 5 years, that the legislation of the place in which it is constituted provides for the regulation of an association of underwriters and that it is operating in accordance with that legislation,
and by such further information as the Minister may require.
(4) Any person, who, being a member of an association of underwriters, issues policies of insurance in or from within Vanuatu when such association is not registered or deemed to be registered under the provisions of this section shall be guilty of an offence and shall be liable on conviction to the penalties specified in section 52.
DOCUMENTS AND INFORMATION RELATING TO INSURANCE BUSINESS TO BE FURNISHED TO THE REGISTRAR
(i) a certified copy of such returns relating to the insurance business year as are required to be made to the responsible public authority in the place in which the association is constituted;
(ii) a certificate, signed by the chairman or other presiding officer of the association stating whether the association has complied in respect of the preceding year with the requirements of the legislation for the regulation of associations of underwriters in the place in which it is constituted, and
(iii) the latest annual list of members and the names of its committee or other governing body;
(b) in the case of an association constituted within Vanuatu such documents and information as the Registrar may require.
LOCAL POLICIES TO BE GOVERNED BY BRITISH LAW
APPLICATION OF OTHER SECTIONS
REGISTRATION AND CANCELLATION OF REGISTRATION OF INSURANCE AGENTS, BROKERS AND INSURANCE SALESMEN
INSURANCE AGENTS, INSURANCE BROKERS AND INSURANCE SALESMEN TO BE REGISTERED
(2) Every applicant for registration as an insurance agent, insurance broker or insurance salesman shall satisfy the Registrar -
(a) that he has knowledge of the insurance business adequate to give proper service to the public; and
(b) that he is of good character.
APPLICATION FOR REGISTRATION
(2) The Minister may direct the Registrar to register an insurance agent, an insurance broker or an insurance salesman who has applied under subsection (1) and is qualified under section 26(2) and may refuse such registration when he considers that it would not be in the public interest.
(3) The Registrar shall notify the applicant in writing whether the application is accepted or rejected, and shall not be required to state the reasons for a refusal.
CANCELLATION OF REGISTRATION
(2) The Minister shall direct the Registrar to notify the insurance agent, insurance broker or insurance salesman, as the case may be, that it is proposed to cancel the registration under subsection (1) and shall not be required to state the reasons therefor.
LISTS OF REGISTERED INSURANCE AGENTS, BROKERS AND SALESMEN TO BE MAINTAINED
(2) Each registered insurance agent and broker who employs an insurance salesman shall provide the Registrar on demand with full details of the employment of such salesman including a copy of any employment contract.
INSURANCE AGENT AND BROKER TO KEEP RECORD OF BUSINESS
Provided that any such agent or broker shall not be required to produce to the Registrar any record -
(a) made more than 3 years preceding the date of any demand therefore; and
(b) relating to any policy which is not in force, or upon which any liability is not outstanding, at that date.
AGENTS OF INSURER
PAYING OVER OF PREMIUMS TO INSURER
Provided that if any person charged with an offence under the foregoing provisions of this section shall satisfy the court that he was prevented by illness or other cause beyond his control from due compliance with such provisions and has subsequently paid the premium to the insurer, the same shall be a good defence to the charge.
PART V
EXEMPTED INSURERS
EXEMPTED INSURERS
(a) to insure any risks within Vanuatu;
(b) to solicit insurance business from the public within or beyond Vanuatu.
PROVISIONS NOT APPLYING TO EXEMPTED INSURERS
PART VI
GENERAL POWERS AND DUTIES
MINISTER MAY ACCEPT COMPLIANCE CERTIFICATES FROM EXTERNAL INSURERS
(a) who furnishes annually a certificate issued by the insurance supervisory authority in the place in which the insurer is incorporated to the effect that he is complying with all the applicable insurance supervisory requirements of that authority; and
(b) who gives such further information regarding his business as the Minister may think relevant to the purposes of this Act.
MINISTER MAY EXTEND PERIODS SPECIFIED FOR PERFORMANCE OF ACTS
REGISTRAR MAY DEMAND INFORMATION
REGISTRATION AND CANCELLATION OF REGISTRATION TO BE NOTIFIED IN GAZETTE
INVESTIGATION OF THE AFFAIRS OF AN INSURER
(2) An Inspector appointed under subsection (1) may investigate the affairs of any other body corporate which is or has at any relevant time been the registered insurer's subsidiary or holding company or a subsidiary of its holding company or a holding company of its subsidiary.
(3) It shall be the duty of the registered insurer under investigation and of all past and present officers of the registered insurer and of the related bodies corporate specified in subsection (2) to produce to the Inspector all books, records and documents relating to the registered insurer or body corporate under investigation which are in their custody or control, and otherwise to give to the Inspector all assistance in connection with the investigation which they are reasonably able to give.
(4) An Inspector may -
(a) examine on oath the officers and agents of the registered insurer or other body corporate under investigation in relation to its business and may administer an oath accordingly;
(b) if he thinks it necessary for the purpose of his investigation that a person whom he has no power to examine on oath should be so examined apply to the court, and the court may, if it sees fit, order that person to attend and be examined on oath before it on any matter relevant to the investigation.
(5) The Minister may, if he thinks fit, authorise the Registrar to recover from the registered insurer or other body corporate whose affairs are investigated under the provisions of this section all expenses properly incurred in connection with the investigation or in connection with the proceedings instituted as a result of the investigation.
POWER OF REGISTRAR TO PETITION FOR WINDING UP
PART VII
MISCELLANEOUS PROVISIONS
RESTRICTION ON USE OF WORD "INSURANCE"
REGISTERED NAMES
(2) The Registrar shall not register an applicant as a local insurer if the name under which the applicant desires to be registered is calculated to suggest falsely that such local insurer has a special status in relation to or derived from the government of Vanuatu or has the official backing of or acts on behalf of the said government or any department or official thereof or is recognised in Vanuatu as a national or central insurer.
(3) The Registrar shall not register an applicant as an insurance broker if the name under which the applicant desires to be registered is likely to suggest that the applicant is an insurer.
(4) The Registrar shall not register an insurance agent if the name under which he desires to be registered is likely to suggest that he is an insurer or an insurance broker.
(5) The Registrar may refuse to register an applicant under a name which is likely to mislead policy-holders or which in the opinion of the Minister is for any reason undesirable.
(6) A registered insurer, insurance broker or insurance agent shall not change the name under which he is registered without the prior permission of the Minister.
POLICIES TO BE PRINTED OR TYPED IN CLEARLY LEGIBLE LETTERS
POLICY NOT INVALID OWING TO FAILURE TO COMPLY WITH LAW
CANCELLATION OF POLICIES
(2) A policy other than a life assurance, marine or aviation policy may be cancelled at any time by the insured named therein after giving to the insurer not less than 30 days' notice in writing of the proposed cancellation by service in accordance with the provisions of section 49 or by registered post, and the insurer shall, upon the surrendering of the policy, refund the excess of any premiums paid over and above the customary short-rate premium for the period when the policy has been in force.
(3) A policy other than a life assurance, marine or aviation policy may be cancelled at any time by an insurer after giving to the insured named therein not less than 30 days' notice in writing of the proposed cancellation by personal service or by registered post and upon refunding to the insured the excess of paid premium over and above the pro-rata premium for the time the policy has been in force, which refund shall accompany the notice.
(4) Notwithstanding the provisions of subsections (2) and (3), the insured and the insurer may agree at the time any policy of insurance referred to therein is issued that the same shall be incapable of cancellation, provided that a clause to such effect is included in the policy.
(5) A life assurance policy may be cancelled by the insurer in the event of non- payment of any renewal premiums due but only after notice in writing specifying the default and the intention of the insurer to cancel the policy has been given to the insured by personal service or by registered post:
Provided that a life assurance policy shall not be cancelled by reason only of the non-payment of a premium unless at least 28 days have elapsed since the premium became due.
(6) Any policy of insurance may be cancelled by the prior mutual consent in writing of the insurer and the insured.
JURISDICTION OF LOCAL COURTS
BORROWING POWERS OF DIRECTORS
Provided that at no time may the undischarged amount of moneys to be borrowed or secured by the directors exceed 5 per cent of the assets of the body corporate without the written consent of the Minister.
PROHIBITION OF LOANS TO DIRECTORS ETC.
(a) lend any of its fund to any of its directors or officers or to the wife or child of any such director or officer; or
(b) enter into any guarantee or provide any security in connection with a loan to a person mentioned in paragraph (a) by any other person:
Provided that loans may be so made within the surrender value of a life policy issued by the insurer to such person.
SERVICE OF PROCESS UPON REGISTERED INSURERS
(2) If the principal office of a person carrying on insurance business cannot reasonably be found any notice served under this Act or process in any legal proceedings may be served by leaving the same at the office of the Registrar.
(3) Service of process upon the Registrar, in accordance with the provisions of subsection (2) shall be deemed to be service upon the insurer.
PERSONS ACTING ON BEHALF OF UNREGISTERED INSURERS
(2) Anyone who as agent or broker places insurance on property, lives or other risks within Vanuatu with a person carrying on insurance business within Vanuatu who is not a registered insurer shall incur personal liability on the policy as if he were the insurer.
(3) For the purposes of this section, any registered agent who places insurance with a member of a registered association of underwriters shall be deemed to place such insurance with a registered insurer.
FALSE STATEMENTS ETC.
GENERAL PROVISIONS RELATING TO OFFENCES
(2) Where any offence under this Act committed by a body corporate is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of any director, manager, secretary or other similar officer or servant of the body corporate, he, as well as the body corporate, shall be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.
DECISIONS NOT TO BE QUESTIONED IN COURT
IMMUNITY OF OFFICIALS EXERCISING POWERS
RULES
(a) the exemption of a class of persons from any of the provisions of this Act;
(b) the exemption of a class or part of a class of insurance business from any of the provisions of this Act, subject to such terms and conditions as the Minister may see fit; and
(c) the number of copies and manner of certification of any documents required under the provisions of this Act to be furnished by an insurer.
FEES
TABLE
________________________________________________________________________
VT
registered insurers other than exempted insurers 50,000
exempted insurers 50,000
members of association of underwriters 50,000
insurance agents 50,000
insurance brokers 50,000
insurance salesmen 10,000
________________________________________________________________________
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[Subsidiary]
SUBSIDIARY LEGISLATION
INSURANCE (EXEMPTION FROM FINANCIAL REQUIREMENTS) RULES
ARRANGEMENT OF RULES
RULE
1. Exemption
2. Exemption to lapse on issue of further policies
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INSURANCE
INSURANCE (EXEMPTION FROM FINANCIAL REQUIREMENTS) RULES
EXEMPTION
EXEMPTION TO LAPSE ON ISSUE OF FURTHER POLICIES
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