Insurance Act 1966 · 2020 Revised Edition · Part 2 · Conduct of Insurance Business
14. Effects of cancellation of licence
Feedback & supportLast amended by an amending law of 2013.
Where an order of cancellation of the licence of an insurer under section 13 becomes effective —
the Authority must publish a notice of the cancellation in the Gazette; and
the insurer must, as from the date of cancellation, cease to carry on insurance business in Singapore wholly or of the class in respect of which its licence has been cancelled, as the case may be.
Subsection (1)(b) does 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; and
the collection or receipt of premiums on insurance policies effected before the date of cancellation of the licence and belonging to the class of insurance business in respect of which the licence has been cancelled,and section 4 does not apply to the insurer in respect of the collection or receipt of the premiums referred to in paragraph (b).
Despite the cancellation of the licence of an insurer, sections 94 and 95, unless the Authority otherwise directs, continue to apply in relation to the insurer in respect of matters that occurred before the cancellation as if the licence had not been cancelled.[13