Vanuatu Risk and Premium Funding Ltd (VRPF)

The Vanuatu Insurance Act says:

74A Failure to pay premium under general insurance policy

1. if a premium under a general insurance policy, other than a reinsurance policy or a captive policy, has not been paid on it’s due date, the cover under the policy lapses:

   (a) if the premium is payable on an annual basis or the policy period is longer than 12 months – 30 days after the inception or as the case may be, the renewal, of the policy; and

   (b) if the premium is payable by installments at intervals of less than 12 months – 15 days after the installment due date.

2. If a cover under an insurance policy lapses under subsection (1), the insurer may reinstate the policy upon payment of all premium due.