Clause 6

Where a Singapore insurer ceases to carry on in Singapore insurance business of a class in respect of which it is registered under this Act, the Commissioner may cancel its registration in respect of that class of business, and (subject to subsection (3) of this section) if the insurer applies for the registration to be cancelled, shall cancel it.

Where a Singapore insurer registered under this Act in respect of either class of insurance business is not carrying on business of that class in Singapore otherwise than by the collection or receipt of premiums on Singapore policies, the Commissioner may on the application of the insurer cancel its registration in respect of that class of business, and thereafter subsection (2) of section 3 of this Act shall not apply to the insurer in respect of the collection or receipt of those premiums.

So long as an insurer remains under any liability in respect of Singapore policies belonging to either class of insurance business, the Commissioner shall not cancel the insurer’s registration in respect of that class, unless he is satisfied that reasonable provision has been or will be made for that liability and that adequate arrangements will exist for payment in Singapore of premiums and claims on those policies.

Where any registration of a Singapore insurer is cancelled, the Commissioner shall cause notice of the cancellation to be published in the Gazette.