Singapore legislation
Regulation 9
Regulation 9
Determination of liabilities in connection with winding up
Subregulation 1
This regulation shall apply to any licensed insurer or Singapore insurer which has ceased to be so licensed but remains under any liability in respect of Singapore policies or offshore policies.
Subregulation 2
For the purposes of section 49FO(16) of the Act, and proceedings under the Companies Act (Cap. 50) —
in the case of a winding up of the affairs of an insurer to which this regulation applies by the court, in determining whether the insurer is unable to pay its debts, any liability of the insurer in respect of policies; and
in the case of a winding up of the affairs of an insurer to which this regulation applies, any liability of the insurer in respect of Singapore policies or offshore policies which is required to be valued, shall be determined in the manner as set out in Part V of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).