On 19/06/2013,
you requested for the version in force on 19/06/2013
incorporating all amendments published on or before 19/06/2013.
The closest version currently available is that of 18/04/2013.
49FJ.
—(1) The Authority may make a determination that all or any of the shares held by a transferor in a licensed insurer incorporated in Singapore shall be transferred to a transferee if —
(a)
any ground exists under section 41(1) for the Authority to exercise any power under section 41(2) in relation to the licensed insurer, whether or not the Authority has exercised the power;
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(b)
the transferee or, where the transferee is a corporation, its board of directors has consented to the transfer; and
(c)
the Authority is satisfied that the transfer is appropriate, having regard to —
(i)
the interests of the policy owners of the registered insurer given priority and the order of priority of each class of its policy owners under section 49FR;
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(ii)
where the transferee is a licensed insurer in Singapore, the interests of the policy owners of the transferee given priority and the order of priority of each class of its policy owners under section 49FR;
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(iii)
the stability of the financial system in Singapore;
(iv)
whether the PPF Agency has to make a payout from any of the PPF Funds to the transferee and the amount of such payout, if any; and
(v)
any other matter that the Authority considers relevant.
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(2) The Authority may, before making a determination, appoint one or more persons to perform an independent assessment of the proposed transfer of shares, including the compensation, if any, that should be paid by the transferee, and furnish a report on the transfer.
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(3) The remuneration and expenses of a person appointed under subsection (2) shall be borne by the licensed insurer.
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(4) The Authority shall serve a copy of any report furnished under subsection (2) on the transferor and the transferee.
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(5) Upon making a determination, the Authority shall submit the determination to the Minister for his approval.
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(6) Before approving the determination, the Minister shall, unless he decides that it is not practicable or desirable to do so, cause to be given to the transferor notice of his intention to approve the determination by publication in the Gazette and in such newspaper or newspapers as the Minister may determine, specifying such particulars as the Minister considers appropriate and the date by which the transferor may make written representations to the Minister.
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(7) In determining the period within which written representations have to be made under subsection (6), the Minister shall take into account the need for the transfer to be effected expeditiously in the interest of the stability of the financial system in Singapore.
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(8) Upon receipt of any written representation, the Minister shall consider the representation for the purpose of deciding whether to approve the determination.
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(9) Where the determination, if approved, will result in the transferee becoming a substantial shareholder or an effective controller of the licensed insurer, the Minister shall not approve the determination unless —
(a)
the Authority is satisfied that —
(i)
the transferee is a fit and proper person; and
(ii)
having regard to the likely influence of the transferee, the licensed insurer will or will continue to conduct its business prudently and comply with the provisions of this Act; and
(b)
the Minister is satisfied that it is in the public interest to do so.
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(10) The Minister may —
(a)
approve the determination without modification;
(b)
approve the determination subject to any modification he considers appropriate if the transferee or, where the transferee is a corporation, its board of directors has agreed to the modification; or
(c)
refuse to approve the determination.
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(11) Any approval under subsection (10) shall be subject to such conditions as the Minister may determine and the Minister may add to, vary or revoke any such conditions.
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(12) The transferor or transferee, as the case may be, shall comply with the conditions referred to in subsection (11).
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(13) A determination, the approval of a determination under this section or the issue of a certificate shall not preclude the exercise of any power by the Authority or the Minister under this Act.
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