International Insurance and Takaful Order, 2002 · s 30

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

30.
Transfer of international insurance business
(1)
The whole or any part of the international insurance business of an international insurer
(in this section referred to as the transferor)
may be transferred to another insurer
(in this section referred to as the transferee)
if the transfer is effected by a scheme
(in this section referred to as the scheme)
in accordance with this section.
(2)
A scheme may provide for the international insurance business of the transferor to be transferred to a person who is not an insurer or who is not yet in existence if it is expressly provided in the scheme that it will only come into operation after such person becomes a licensed insurer.
(3)
A scheme may include provision for giving effect to the transfer and provision for matters incidental to the transfer, and in particular may include provision for -
(a)
any property, rights or liabilities of the transferor
(including assets comprising the insurance fund) to vest, by virtue of the scheme and without further or other assurance, in the transferee;
(b)
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;
(c)
the continuation by or against the transferee or any legal proceedings pending by or against the transferor;
and
(d)
the dissolution, without the winding-up, of the transferor;
and such incidental, consequential and supplementary matters as are necessary to secure that the scheme shall be carried out.
803

]
(4)
A scheme shall be null and void unless it is first approved by the
Authority.
(5)
The following provisions shall apply in respect of every scheme -
(a)
the transferor shall submit to the Authority a copy of the scheme together with copies of actuarial and other reports, if any, setting out the terms of the scheme;
(b)
the transferor shall submit to the Authority a report sufficient to indicate the opinion of the actuary on the likely effects of the scheme on policy owners or the parties to the scheme in respect of any transfer of life insurance business;
(e)
each of the parties to the scheme shall, not later than one month after a copy of the scheme has been submitted to the Authority, cause to be published in the Gazette and in at least one newspaper circulating in Brunei
Darussalam approved by the Authority a notice, containing such particulars as may be directed by the Authority;
(d)
each of the parties to the scheme shall, for a period of 15 days after the publication of the notices mentioned in paragraph
(e), keep a copy of the scheme at its office in Brunei Darussalam and such copy shall be open to inspection by such of its members and policy holders who are affected by the scheme.
(6)
The Authority may cause a report on a scheme to be made by an actuary independent of the parties to the scheme and, if it does so, shall cause a copy of the report to be sent to each of such parties.
(7)
Copies of any scheme and of any report mentioned in subsection
(5) or
(6), or summaries thereof approved by the Authority, shall, except so far as the
Authority upon application made in that behalf otherwise directs, be transmitted by each of the parties to the scheme to each of its policy-owners affected by the scheme.
(8)
The parties to a scheme shall be jointly and severally liable to reimburse to the Authority any costs or expenses incurred by the Authority under this section in connection with the scheme;
and the scheme shall include provisions as to how the liability is to be borne between such parties.
(9)
The Authority may approve or reject any scheme.
(10)
After a scheme has been approved by the Authority under subsection
(9), an application may be jointly made to the Court by way of ex parte originating summons by the parties to the scheme for confirmation of such scheme.
(11)
An application to the Court with respect to any matter connected with a scheme may, at any time before conhrmation of the scheme by the Court, be made by the Authority or by any person who in the opinion of the Court is likely to be affected by the scheme.
(12)
The Court may conhrm a scheme with or without modihcations or may refuse to conhrm the scheme, in which latter case the Court may make such order relating to the application as it thinks ht.
(13)
A scheme which has been conhrmed by the Court under subsection
(12) shall have effect notwithstanding anything in this section, and shall be binding on any persons thereby affected.
(14)
On approval or conhrmation
(as the case may be) of the scheme, each of the parties to the scheme shall, unless it is an unincorporated company, hIe a copy of the scheme with the Registrar of International
Business Companies or the
Registrar of Companies, as the case may be, and with the regulatory authorities in its country or territory of establishment or origin.
(15)
The transferee shall, within one month after the scheme takes effect, lodge with the Authority -
(a)
statements of the assets and liabilities of each of the parties to the scheme, as at the time immediately before the transfer, signed respectively on behalf of each of such parties;
(b)
a copy of the scheme as conhrmed by the Court and a sealed copy of the order of the Court conhrming the scheme; and
(e)
a declaration made by the chairman of the board of directors of the transferee, or by its chief executive ofhcer in Brunei
Darussalam, fully setting out every payment made or to be made to any person on account of the transfer, and stating that, to the best of his belief, no other payment beyond those so set out has been, or is to be, made on account thereof by or with the knowledge of the parties to the scheme.
(16)
In this section,
"parties to the scheme" means the transferor and the transferee.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 30Transfer of international insurance business

(1)

The whole or any part of the international insurance business of an international insurer

(in this section referred to as the transferor)

may be transferred to another insurer

(in this section referred to as the transferee)

if the transfer is effected by a scheme

(in this section referred to as the scheme)

in accordance with this section.

(2)

A scheme may provide for the international insurance business of the transferor to be transferred to a person who is not an insurer or who is not yet in existence if it is expressly provided in the scheme that it will only come into operation after such person becomes a licensed insurer.

(3)

A scheme may include provision for giving effect to the transfer and provision for matters incidental to the transfer, and in particular may include provision for -

(a)

any property, rights or liabilities of the transferor

(including assets comprising the insurance fund) to vest, by virtue of the scheme and without further or other assurance, in the transferee;

(b)

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;

(c)

the continuation by or against the transferee or any legal proceedings pending by or against the transferor;

and

(d)

the dissolution, without the winding-up, of the transferor;

and such incidental, consequential and supplementary matters as are necessary to secure that the scheme shall be carried out.

803

]

(4)

A scheme shall be null and void unless it is first approved by the

Authority.

(5)

The following provisions shall apply in respect of every scheme -

(a)

the transferor shall submit to the Authority a copy of the scheme together with copies of actuarial and other reports, if any, setting out the terms of the scheme;

(b)

the transferor shall submit to the Authority a report sufficient to indicate the opinion of the actuary on the likely effects of the scheme on policy owners or the parties to the scheme in respect of any transfer of life insurance business;

(e)

each of the parties to the scheme shall, not later than one month after a copy of the scheme has been submitted to the Authority, cause to be published in the Gazette and in at least one newspaper circulating in Brunei

Darussalam approved by the Authority a notice, containing such particulars as may be directed by the Authority;

(d)

each of the parties to the scheme shall, for a period of 15 days after the publication of the notices mentioned in paragraph

(e)

, keep a copy of the scheme at its office in Brunei Darussalam and such copy shall be open to inspection by such of its members and policy holders who are affected by the scheme.

(6)

The Authority may cause a report on a scheme to be made by an actuary independent of the parties to the scheme and, if it does so, shall cause a copy of the report to be sent to each of such parties.

(7)

Copies of any scheme and of any report mentioned in subsection

(5)

(6)

, or summaries thereof approved by the Authority, shall, except so far as the

Authority upon application made in that behalf otherwise directs, be transmitted by each of the parties to the scheme to each of its policy-owners affected by the scheme.

(8)

The parties to a scheme shall be jointly and severally liable to reimburse to the Authority any costs or expenses incurred by the Authority under this section in connection with the scheme;

and the scheme shall include provisions as to how the liability is to be borne between such parties.

(9)

The Authority may approve or reject any scheme.

(10)

After a scheme has been approved by the Authority under subsection

(9)

, an application may be jointly made to the Court by way of ex parte originating summons by the parties to the scheme for confirmation of such scheme.

(11)

An application to the Court with respect to any matter connected with a scheme may, at any time before conhrmation of the scheme by the Court, be made by the Authority or by any person who in the opinion of the Court is likely to be affected by the scheme.

(12)

The Court may conhrm a scheme with or without modihcations or may refuse to conhrm the scheme, in which latter case the Court may make such order relating to the application as it thinks ht.

(13)

A scheme which has been conhrmed by the Court under subsection

(12)

shall have effect notwithstanding anything in this section, and shall be binding on any persons thereby affected.

(14)

On approval or conhrmation

(as the case may be) of the scheme, each of the parties to the scheme shall, unless it is an unincorporated company, hIe a copy of the scheme with the Registrar of International

Business Companies or the

Registrar of Companies, as the case may be, and with the regulatory authorities in its country or territory of establishment or origin.

(15)

The transferee shall, within one month after the scheme takes effect, lodge with the Authority -

(a)

statements of the assets and liabilities of each of the parties to the scheme, as at the time immediately before the transfer, signed respectively on behalf of each of such parties;

(b)

a copy of the scheme as conhrmed by the Court and a sealed copy of the order of the Court conhrming the scheme; and

(e)

a declaration made by the chairman of the board of directors of the transferee, or by its chief executive ofhcer in Brunei

Darussalam, fully setting out every payment made or to be made to any person on account of the transfer, and stating that, to the best of his belief, no other payment beyond those so set out has been, or is to be, made on account thereof by or with the knowledge of the parties to the scheme.

(16)

In this section,

"parties to the scheme" means the transferor and the transferee.