Clause 17

Section 49(1) of the Insurance Act is amended by deleting the word “and” at the end of paragraph (c), and by inserting immediately thereafter the following paragraph:“(ca)a statement from an auditor of the transferee who satisfies the conditions mentioned in section 36(4)(a) and (b) certifying that the assets and liabilities of the transferor relating to the business transferred have been assumed and accounted for in the books of the transferee; and”.