Insurance Order, 2006 · As enacted
90. Transitional provisions
Official textFrom Attorney General's Chambers, unchanged
Any insurer which on the coming into force of this Order is already permitted under administrative arrangements by the Ministry of Finance to carry on general business or life business, as the case may be, shall be deemed to be registered under subsection (2) of section 9 for ;a p 1erio~f 6 months frB,m the
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date of commencement of this Order[and may witli1n t at penod carry on tne ca~~ ~-~rvw<ne...
insurance business which was being lawfully carried on by it immediately before the commencement of this Order.
insurance business
"insurance business" includes the business of effecting and carrying out contracts {a} protecting persons against loss or liability to loss in respect of risks to which such persons may be exposed; or {b) to pay a sum of money or render money and includes reinsurance business;
Within the period of 6 months referred to in subsection (1), the insurer shall apply for registration in accordance with subsection (1} of section 9 in respect of the period after the period referred to in subsection (1).
An insurer which is deemed by virtue of subsection (1) to be registered under subsection (2) of section 9 shall no later than 3 months after the date of commencement of this Order comply with section 5 regarding the requirements for carrying on business as an insurer (save the requirement as to registration).
1057
Terms defined in s 2
insurance business
Defined · s 2"insurance business" includes the business of effecting and carrying out contracts {a} protecting persons against loss or liability to loss in respect of risks to which such persons may be exposed; or {b) to pay a sum of money or render money and includes reinsurance business;