Comparison View

Amendments are not highlighted in legislation amended before 2012. We are working on it.
Formal Consolidation |  1994 RevEd
Priority of claim of policy owners
47.  Where a registered insurer becomes insolvent or is unable to meet its obligations, the assets of the insurer shall be available to meet its liabilities to all policy owners of Singapore policies and offshore policies and these liabilities shall have priority over all unsecured liabilities of the insurer other than preferential debts specified under section 328(1) of the Companies Act [Cap. 50].
[45
[11/86]
Informal Consolidation | Amended Act 30 of 1999
Priority of claim of policy owners
47.  Where a registered insurer becomes insolvent or is unable to meet its obligations, the assets of the insurer shall, subject to section 16(12), be available to meet its liabilities to all policy owners of Singapore policies and offshore policies and these liabilities shall have priority over all unsecured liabilities of the insurer other than preferential debts specified under section 328(1) of the Companies Act [Cap. 50].
[45
[11/86]