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Formal Consolidation |  2000 RevEd
General provisions as to winding up
42.—(1)  The persons who may petition under the Companies Act (Cap. 50) for the winding up of the affairs of an insurer registered under this Act, or for the continuance of the winding up of the affairs of such an insurer subject to the supervision of the court, shall include the Authority.
[11/86]
(2)  The Authority may, in accordance with the provisions of the Companies Act, present a petition for the winding up of an insurer registered under this Act if the insurer has contravened or failed to comply with any of the provisions of this Act.
[11/86]
(3)  The Authority shall be a party to any proceedings under the Companies Act relating to the winding up of the affairs of such an insurer, and the liquidator in such a winding up shall give it such information as he may from time to time require about the affairs of the insurer.
[11/86]
(4)  For the purposes of any proceedings under the Companies Act for the winding up of the affairs of such an insurer by the court, the contingent and prospective liabilities of the insurer in respect of policies shall, in determining whether it is unable to pay its debts, be estimated in accordance with such rules as may be prescribed.
[11/86]
(5)  Evidence that an insurer was insolvent at the close of the last accounting period for which statements of account have been lodged with the Authority under section 36 shall be evidence that the insurer continues to be unable to pay its debts.
[11/86]
(6)  If the Authority submits to the Rules Committee, established under any written law relating to the courts, proposals for making special provision under section 410 of the Companies Act (Cap. 50) in relation to insurers registered under this Act or any description of such insurers, the Committee may by rules made under that section give effect to the proposals, either as submitted or subject to such modifications as the Committee may think fit.
[11/86]
(7)  Proposals under subsection (6), and rules made by virtue thereof, may provide for modifying or excluding, in relation to insurers so registered, provisions of Part X of the Companies Act requiring the holding of meetings or otherwise relating to the procedure in a winding up.
(8)  In the winding up of the affairs of an insurer registered under this Act, section 327(2) of the Companies Act (which applies bankruptcy rules in the winding up of insolvent companies), shall not apply to the valuation of liabilities in respect of policies; but in any such winding up, whether the insurer is insolvent or not, those liabilities shall be estimated in accordance with any prescribed rules and, as regards matters not fixed by the rules, on a basis approved by the court.
(9)  In a members’ voluntary winding up, the basis to be adopted as regards matters not fixed by the rules may be approved by the Authority instead of by the court.
[11/86]
(10)  References in this section to an insurer registered under this Act shall extend also to a Singapore insurer which has ceased to be so registered but remains under any liability in respect of Singapore policies or offshore policies.
[44
[11/86]
Informal Consolidation | Amended Act 41 of 2001
General provisions as to winding up
42.—(1)  The persons who may petition under the Companies Act (Cap. 50) for the winding up of the affairs of an insurer or insurance broker registered under this Act, or for the continuance of the winding up of the affairs of such an insurer or insurance broker subject to the supervision of the court, shall include the Authority.
[11/86]
(2)  The Authority may, in accordance with the provisions of the Companies Act, present a petition for the winding up of an insurer or insurance broker registered under this Act if the insurer or insurance broker has contravened or failed to comply with any of the provisions of this Act.
[11/86]
(3)  The Authority shall be a party to any proceedings under the Companies Act (Cap. 50) relating to the winding up of the affairs of an insurer or insurance broker registered under this Act, and the liquidator in such a winding up shall give the Authority such information as it may from time to time require about the affairs of the insurer or insurance broker, as the case may be.
[41/2001 wef 08/01/2002]
(4)  For the purposes of any proceedings under the Companies Act for the winding up of the affairs of such an insurer by the court, the contingent and prospective liabilities of the insurer in respect of policies shall, in determining whether it is unable to pay its debts, be estimated in accordance with such rules as may be prescribed.
[11/86]
(5)  Evidence that an insurer was insolvent at the close of the last accounting period for which statements of account have been lodged with the Authority under section 36 shall be evidence that the insurer continues to be unable to pay its debts.
[11/86]
(6)  If the Authority submits to the Rules Committee, established under any written law relating to the courts, proposals for making special provision under section 410 of the Companies Act (Cap. 50) in relation to insurers registered under this Act or any description of such insurers, the Committee may by rules made under that section give effect to the proposals, either as submitted or subject to such modifications as the Committee may think fit.
[11/86]
(7)  Proposals under subsection (6), and rules made by virtue thereof, may provide for modifying or excluding, in relation to insurers so registered, provisions of Part X of the Companies Act requiring the holding of meetings or otherwise relating to the procedure in a winding up.
(8)  In the winding up of the affairs of an insurer registered under this Act, section 327(2) of the Companies Act (which applies bankruptcy rules in the winding up of insolvent companies), shall not apply to the valuation of liabilities in respect of policies; but in any such winding up, whether the insurer is insolvent or not, those liabilities shall be estimated in accordance with any prescribed rules and, as regards matters not fixed by the rules, on a basis approved by the court.
(9)  In a members’ voluntary winding up, the basis to be adopted as regards matters not fixed by the rules may be approved by the Authority instead of by the court.
[11/86]
(10)  References in this section to an insurer registered under this Act shall extend also to a Singapore insurer which has ceased to be so registered but remains under any liability in respect of Singapore policies or offshore policies.
[44
[11/86]