Singapore legislation
Clause 44
Clause 44
Amendment of section 47
Section 47 of the Insurance Act is amended by deleting subsection (2) and substituting the following subsections:“(2) Subsection (1) shall not apply to the transfer of the whole or part of any insurance business of —
a company incorporated or established outside Singapore, except in so far as it relates to Singapore policies or offshore policies; or
a registered reinsurer to another registered reinsurer carrying on the same class of insurance business.(2A) For the avoidance of doubt, subsection (2)(b) shall not affect, in relation to the transfer of the whole or any part of any insurance business of a registered direct insurer under subsection (1), the reinsurance of liabilities under such transferred insurance business.(2B) Notwithstanding subsection (2)(b), the Authority may, by notice in writing, issue such directions to the first-mentioned registered reinsurer in that subsection as it may consider necessary with respect to the manner and form of the transfer of the whole or part of the insurance business of that registered reinsurer.”.