Effects of cancellation of licence
13.—(1)  Where an order of cancellation of the licence of an insurer under section 12 becomes effective —
(a)the Authority shall publish a notice of the cancellation in the Gazette; and
(b)the insurer shall, as from the date of cancellation, cease to carry on insurance business in Singapore wholly or of the class in respect of which its licence has been cancelled, as the case may be.
(2)  Subsection (1)(b) shall not prejudice —
(a)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; and
(b)the collection or receipt of premiums on insurance policies effected before the date of cancellation of the licence and belonging to the class of insurance business in respect of which the licence has been cancelled,
and section 3 shall not apply to the insurer in respect of the collection or receipt of the premiums referred to in paragraph (b).
(3)  Notwithstanding the cancellation of the licence of an insurer, sections 36 and 37 shall, unless the Authority otherwise directs, continue to apply in relation to the insurer in respect of matters that occurred before the cancellation as if the licence had not been cancelled.
[Act 11 of 2013 wef 18/04/2013]