Singapore Government
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Contents

Long Title

Part I PRELIMINARY

Part II CONDUCT OF INSURANCE BUSINESS

Division 1 — General restriction on insurers

Division 2 — Licensed insurers

Deposits, registers of policies and insurance funds

Division 3 — Authorised reinsurers

Part IIA FOREIGN INSURER SCHEMES

Part IIB INSURANCE INTERMEDIARIES

Division 1 —  General provisions relating to insurance intermediaries

Division 2 —  Conduct of insurance broking business

Part III RETURNS, INSPECTIONS AND INVESTIGATIONS, WINDING UP AND TRANSFERS OF BUSINESS

Division 1 — Returns

Division 2 — Inspections and Investigations

Division 3 — Powers where licensed insurer or insurance intermediary is unable to meet obligations, etc.

Part IIIA ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES

Part IIIAA TRANSFER OF BUSINESS AND SHARES, RESTRUCTURING OF LICENSED INSURER AND WINDING UP

Division 1 — Voluntary transfer of business

Division 2 — Compulsory transfer of business

Division 3 — Compulsory transfer of shares

Division 4 — Power to restructure capital

Division 5 — Winding up

Division 6 — Miscellaneous

Part IIIB APPEALS

Part IIIC NOMINATION OF BENEFICIARIES

Part IV MISCELLANEOUS AND GENERAL

Division 1 — Administration and enforcement

Division 2 —  Miscellaneous amendments of law

Division 3 —  Supplementary

FIRST SCHEDULE Definition of Insurance Terms

SECOND SCHEDULE Specified Provisions

Legislative History

Comparative Table

 
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On 31/10/2014, you requested the version in force on 31/10/2014 incorporating all amendments published on or before 31/10/2014. The closest version currently available is that of 01/01/2014.
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Moratorium, avoidance of disposition of property, etc.
49FH.
—(1)  Notwithstanding section 41E and subject to section 49FQ, no resolution shall be passed, and no order shall be made, for the winding up of a transferor during the period —
(a)
beginning on —
(i)
the date on which the Minister publishes the notice under section 49FF(9) in the Gazette on the transfer of the business (or any part thereof) of the transferor; or
(ii)
where the notice is not published in the Gazette, the date on which the Authority publishes the certificate under section 49FG(5) in the Gazette on the transfer of the business (or any part thereof) of the transferor; and
(b)
ending on —
(i)
the date on which the certificate comes into effect; or
(ii)
where the certificate specifies a different date for the coming into effect of the transfer of any specified business, the last date on which the transfer of every specified business has come into effect.
[16/2011 wef 01/05/2011]
(2)  Notwithstanding section 41E and subject to section 49FU, during the period beginning with the date on which the Minister publishes the notice under section 49FF(9) in the Gazette on the transfer of a specified business of the transferor or, where the notice is not published in the Gazette, the date on which the Authority publishes the certificate under section 49FG(5) in the Gazette on the transfer of the specified business and ending with the date on which the transfer of the specified business comes into effect —
(a)
no proceedings shall be commenced or continued against the transferor in respect of the specified business;
(b)
no execution, distress or other legal process shall be commenced, levied or continued against the specified business;
(c)
no steps shall be taken to enforce any security over the specified business or repossess from the transferor the specified business under any hire-purchase agreement, chattels leasing agreement or retention of title agreement; and
(d)
any sale, transfer, assignment or other disposition of the specified business shall be void, except for any payment of claims to policy owners or claimants (other than policy owners who are related corporations of the transferor).
[16/2011 wef 01/05/2011]