Care Shield Life and Long-Term Care Act 2019 · 2020 Revised Edition · Part 3 · Eldershield Scheme
9. Waiver of prohibition of transfer
Feedback & supportA provision in any contract, agreement, conveyance, deed, lease, guarantee, bond, indemnity and other instrument or undertaking to which a private insurer is a party on the eve of the transfer date which prohibits or has the effect of prohibiting the transfer of any property, rights, obligations or liabilities of the private insurer on the eve of the transfer date and that relate to the former ElderShield Scheme is deemed by this Act waived on the transfer date.
private insurer
“private insurer”, in relation to the former ElderShield Scheme, means an insurer approved by the Minister charged with the responsibility for health to sell severe disability insurance policies to CPF members under that Scheme;
A provision in any contract, agreement, conveyance, deed, lease, guarantee, bond, indemnity and other instrument or undertaking to which a private insurer is a party on the eve of the transfer date which confers on any counterparty to that contract, agreement, conveyance, deed, lease, guarantee, bond, indemnity, other instrument or undertaking any right of first refusal or pre‑emption rights —
in respect of any property, right, obligation or liability of the private insurer on the eve of the transfer date and that relate to the former ElderShield Scheme; and
arising from or because of, or to the effect that a default is to occur or be deemed to occur as a result of, the transfer or intended transfer of those property, rights, obligations or liabilities,is deemed by this Act waived on the transfer date.