International Insurance and Takaful Order, 2002 · s 17

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17.
Consequences of surrender or revocation of licence
(1)
Where the surrender of a licence under section 16 has taken effect, or where the licence has been revoked under section 47(2), the licensee shall as from the date such surrender or revocation takes effect, cease to transact any further business.
(2)
Notwithstanding subsection
(I), where a licensee continues to exist as a company after the revocation or surrender of its licence has taken effect, the
Authority may authorise such licensee in writing to continue to transact its business activities to such extent and for such duration as the Authority may specify in the authorisation for the purposes of the winding-up of its affairs or for the purposes of meeting the claims of its policy owners, other customers or creditors.
(3)
Every licensee whose licence has been revoked or surrendered shall continue to be subject to the provisions of this Order as long as the liabilities of the licensee remain unsatisfied or not otherwise provided for.

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s 17Consequences of surrender or revocation of licence

(1)

Where the surrender of a licence under section 16 has taken effect, or where the licence has been revoked under section 47(2), the licensee shall as from the date such surrender or revocation takes effect, cease to transact any further business.

(2)

Notwithstanding subsection

(I)

, where a licensee continues to exist as a company after the revocation or surrender of its licence has taken effect, the

Authority may authorise such licensee in writing to continue to transact its business activities to such extent and for such duration as the Authority may specify in the authorisation for the purposes of the winding-up of its affairs or for the purposes of meeting the claims of its policy owners, other customers or creditors.

(3)

Every licensee whose licence has been revoked or surrendered shall continue to be subject to the provisions of this Order as long as the liabilities of the licensee remain unsatisfied or not otherwise provided for.