Insurance Act 1966 · 2020 Revised Edition · Part 2 · Conduct of Insurance Business
45. Effects of withdrawal of authorisation
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Where an order of withdrawal of the authorisation of a reinsurer under section 44 becomes effective —
reinsurer
“reinsurer” means an insurer whose licence is restricted to the carrying on of reinsurance business;
the Authority must publish a notice of the withdrawal in the Gazette; and
the reinsurer must, as from the date of withdrawal, cease to carry on the business of providing reinsurance of liabilities under insurance policies to persons in Singapore wholly or of the class in respect of which its authorisation has been withdrawn, as the case may be.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 reinsurer or by the reinsurer 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 withdrawal of the authorisation and belonging to the class of insurance business in respect of which the authorisation has been withdrawn,and section 4 does not apply to the reinsurer in respect of the collection or receipt of the premiums referred to in paragraph (b).[34C