Singapore legislation
Clause 7
Clause 7
New section 6A
The Insurance Act is hereby amended by inserting immediately after section 6 thereof the following section: —“Effects of cancellation of registration6A.—
Where an order of cancellation becomes effective under section 6 of this Act —
notice of the cancellation shall be published in the Gazette; and
the insurer shall, as from the date of cancellation, cease to carry on in Singapore insurance business of the class in respect of which its registration has been cancelled under this Act, otherwise than by the collection or receipt of premiums on Singapore policies belonging to that class effected before the date of cancellation of registration and subsection (2) of section 3 of this Act shall not apply to the insurer in respect of the collection or receipt of those premiums.(2) The provisions of paragraph (b) of subsection (1) of this section shall not prejudice the enforcement by any policy owner or person of any right or claim against the insurer or by the insurer of any right or claim against any policy owner or person.”.