Priority of claim of policy owners
45.  Where a registered insurer becomes insolvent or is unable to meet its obligations, the assets of the insurer shall, subject to section 17(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).
[47
[11/86; 30/99]