General restriction on insurers
Registration of Singapore insurers
Deposits, registers of policies and insurance funds
Miscellaneous requirements as to conduct of business
Subsidiary
Returns
Inspections and Investigations
Winding up
Transfers of business
Administration and enforcement
Miscellaneous amendments of law
Supplementary
| 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] |