On 25/05/2013,
you requested for the version in force on 25/05/2013
incorporating all amendments published on or before 25/05/2013.
The closest version currently available is that of 03/12/2001.
38.
—(1) Section 34 and the Second Schedule of the Insurance Act are repealed.
(2) The repeal of section 34 —
(a)
shall not invalidate any existing Lloyd’s policy;
(b)
shall not prevent the collection or receipt of premiums on any existing Lloyd’s policy; and
(c)
shall not prejudice any right or claim against the Lloyd’s underwriter, or by the Lloyd’s underwriter of any right or claim against any policy owner or person, relating to any existing Lloyd’s policy.
(3) The Authority shall, if satisfied that insurance business is not being carried on in Singapore by any Lloyd’s underwriter under the repealed section 34, transfer any deposit referred to in the repealed section 34 (4) and maintained under the repealed Second Schedule, to Lloyd’s, except such part (if any) that the Authority determines should be kept available for meeting claims against Lloyd’s underwriters in respect of any existing Lloyd’s policy.
(4) For the purposes of this section —
“existing Lloyd’s policy” means any insurance policy entered into by a Lloyd’s underwriter before the date of commencement of section 38 of the Insurance (Amendment) Act 2001 and which was authorised under the repealed section 34;
“Lloyd’s” has the same meaning as in the repealed section 34;
“Lloyd’s underwriter” has the same meaning as in the repealed section 34.