70. (1}

The whole or part of the insurance business of a registered insurer may be transferred to another insurer registered in respect of the class or classes of business to be transferred, if the transfer is effected by a scheme under this section, but shall not be transferred except by such a scheme:

Provided that this subsection shall not apply to the transfer of any insurance business of a company incorporated or established outside Brunei Darussalam, except in so far as it relates to Brunei Darussalam policies.

(2}

Any registered insurer, not being a company incorporated or established outside Brunei Darussalam, shall by virtue of this section have power to make such a transfer by a scheme under this section! and the directors shall have authority on behalf of the insurer to arrange for and do all things necessary to give effect to such a transfer; and this subsection shall apply notwithstanding the absence of that power or authority under the constitution of that insurer or any limitation imposed by its constitution on of its powers or on the authority of its directors.

(3}

A scheme under this section may provide for the business in question to be transferred to a body not registered as an insurer under this Order (including a body not yet in existence) in respect of the relevant class of business, if the scheme is so framed as to operate only in the event of the body becoming so registered.

(4)

A scheme under this section for the transfer of any insurance business may extend to the transfer with it of any other business, not being insurance business, where the other business is carried on by the insurer as ancillary only to the insurance business transferred.

(5)

A scheme under this section may include prov1s1on for matters incidental to the transfer thereby effected, and provision for giving effect to the transfer, and in particular -

{a) for any property, rights or liabilities of the transferor (including assets comprised in a deposit under this Order or in an insurance fund) to vest, by virtue of the scheme and without further or other assurance, in the transferee; and

{b) for the registration by the transferee of policies transferred, for the amounts to be included in respect of those policies in the transferee's insurance fund and for other matters arising under this Order out of the transfer.

(6)

A scheme under this section shall be of no effect unless confirmed by the High Court, but may be prepared and submitted for confirmation to the High 1048

Court by any of the insurers concerned; and if so confirmed, the scheme shall have effect according to its tenor notwithstanding anything in the preceding sections of this Order and be binding on any person thereby affected.

Report

Read on from s 71

70. (1}

Terms defined in s 2

Schedules