On 26/05/2013,
you requested for the version in force on 26/05/2013
incorporating all amendments published on or before 26/05/2013.
The closest version currently available is that of 29/04/2011.
54.
—(1) In determining —
(a)
whether the PPF Life Fund or the PPF General Fund is to be utilised to fund any transfer of the whole or part of the insurance business of the failed PPF Scheme member to another insurer or run-off of the insurance business of the failed PPF Scheme member pursuant to section 46; and
(b)
the amount of the PPF Life Fund or the PPF General Fund to be utilised,
the Authority shall (without prejudice to any other factors that the Authority may consider relevant) have regard to —
(i)
the cost of transferring the whole or part of the insurance business of the failed PPF Scheme member or the cost of the run-off, as the case may be, as compared to the cost of paying compensation to the insured policy owners or the beneficiaries in the case where the insured policies are covered under the PPF General Fund and provide third party benefits; and
(ii)
the impact of not transferring the whole or part of the insurance business of the failed PPF Scheme member or not proceeding to run-off the insurance business of the failed PPF Scheme member, as the case may be.
(2) For the purposes of subsection (1), the Authority shall, prior to notifying the Agency of its determination under section 46, obtain the approval of the Minister for the amount to be paid out of the PPF Life Fund or the PPF General Fund, as the case may be, by the Agency.
(3) Where the insurance business of a failed PPF Scheme member is transferred to another insurer or the insurance business is run-off by the Agency or any person appointed to carry on such run-off —
(a)
the benefits that an insured policy owner is entitled to receive under his insured policy; or
(b)
the benefits that an insured policy owner or a beneficiary or both, as the case may be, are entitled to receive under an insured policy which is covered under the PPF General Fund and provides third party benefits,
in the event that the contingency upon which policy moneys are payable occurs after the transfer or during the run-off of the insurance business, shall be an amount not less than the protected liabilities in respect of his or the insured policy.
(4) For the purposes of subsection (3), the protected liabilities in respect of an insured policy of the insured policy owner shall be computed in accordance with the Third Schedule.
(5) The Agency shall be entitled to be reimbursed by the failed PPF Scheme member or the provisional liquidator of the failed PPF Scheme member, as the case may be, for the expenses incurred in —
(a)
in the event of a transfer of the whole or part of the business from the failed PPF Scheme member to another insurer, the costs and expenses of such transfer; and
(b)
in the event of the run-off of the whole or part of the business of the failed PPF Scheme member, the costs and expenses of setting up a company to run-off the insurance policies and outsourcing the administration of the insurance policies to a third party.