Effects of cancellation of registration
12.—(1)  Where an order of cancellation becomes effective under section 11 —
(a)notice of the cancellation shall be published in the Gazette; and
(b)the insurer shall, as from the date of cancellation, cease to carry on in Singapore insurance business of the class in respect of which its registration has been cancelled under this Act, otherwise than by the collection or receipt of premiums on insurance policies belonging to that class effected before the date of cancellation of registration and section 3 shall not apply to the insurer in respect of the collection or receipt of those premiums.
(2)  Subsection (1)(b) shall 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.
(3)  If the registration of an insurer has been cancelled or has expired, sections 38 and 39 shall, unless the Authority otherwise directs, continue to apply in relation to the insurer in respect of matters that occurred before the cancellation or expiry as if his registration had not been cancelled or had not expired, as the case may be.
[30/99 wef 31/12/1999]
[22/73]
[11/86]