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VFSC: Home »  News »  Yearly News »  2008 News »  Regulatory function for credit unions and insurance moves to the Reserve Bank of Vanuatu
 
Regulatory function for credit unions and insurance moves to the Reserve Bank of Vanuatu
Published by VFSC
Friday, 11 March 2011 08:50

On 20 November 2008, the Vanuatu Financial Services Commission [VFSC] received instructions from the Vanuatu Government through the Honourable Minister of Finance and Economic Management, Sela Molisa to make the necessary arrangements to afford a transfer of its regulatory functions for credit unions and insurance to the Reserve Bank of Vanuatu [RBV].

Before such a move can be effected however, a few important matters have to be resolved including:

a. Changes to the various pieces of legislation;

b. Acceptance by the RBV to maintain Mr. Bill McCullough as an Advisor for the Insurance Team;

c. Acceptance by the RBV to provide for in its 2009 budget sufficient provisions to maintain the Insurance Team; and

d. Acceptance by the RBV to fund marketing of insurance products through the Captive Insurance Association of Vanuatu.

All stakeholders have been advised of the decision and talks on logistics are being between the VFCS and RBV. It is expected that the move can be completed by June 2009.

2008:December
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    VFSC: Home »  News »  Yearly News »  2008 News »  Regulatory function for credit unions and insurance moves to the Reserve Bank of Vanuatu