Certificate of transfer
49FG.—(1)  If the Minister approves a determination, he shall, as soon as practicable, issue a certificate of transfer which shall come into effect on the date specified by the Minister in the certificate.
[16/2011 wef 01/05/2011]
(2)  The certificate shall specify such information as may be prescribed.
[16/2011 wef 01/05/2011]
(3)  The certificate may make provision for all or any of the following matters:
(a)the transfer to the transferee of the whole or any part of the business of the transferor;
(b)whether guaranteed policy moneys in relation to any policy should be adjusted after the proposed transfer;
(c)the allotment or appropriation by the transferee of any share, debenture, policy or other interest in the transferee which under the transfer is to be allotted or appropriated by the transferee to or for any person;
(d)any property which is held by the transferor as trustee;
(e)any future or contingent right or liability of the transferor;
(f)the coming into effect of the transfer of any specified business on a date other than the date on which the certificate comes into effect;
(g)the compensation, if any, to be paid by the transferee to the transferor and the period within which the compensation is to be paid;
(h)such incidental, consequential and supplementary matters as are, in the Minister’s opinion, necessary to secure that the transfer is fully effective, including conditions relating to the transfer.
[16/2011 wef 01/05/2011]
(4)  The Minister may at any time before the certificate comes into effect add to, vary or revoke any matter specified in the certificate.
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(5)  The Authority shall cause the certificate and any addition, variation or revocation referred to in subsection (4) to be served on the transferor and the transferee and published in the Gazette and in such newspaper or newspapers as the Minister may determine, on or before the date on which the certificate comes into effect.
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(6)  Subject to subsection (7), unless otherwise specified in the certificate, the transfer of the business (or any part thereof) of the transferor under the certificate shall take effect on the date on which the certificate comes into effect.
[16/2011 wef 01/05/2011]
(7)  Where the transferee is not licensed to carry on insurance business or the relevant class of business in Singapore, the transfer of the business (or any part thereof) of the transferor shall not come into effect unless the transferee becomes so licensed.
[16/2011 wef 01/05/2011]
[Act 11 of 2013 wef 18/04/2013]
(8)  Notwithstanding any written law or rule or law, upon the date on which the transfer of the business (or any part thereof) of the transferor comes into effect under the certificate —
(a)subject to subsection (10), the business (or any part thereof) shall be transferred to and vest in the transferee without other or further assurance, act or deed and the certificate shall have effect according to its tenor and be binding on any person thereby affected;
(b)all deeds, bonds, agreements and other arrangements subsisting immediately before that date which relate to the business (or any part thereof), and to which the transferor is a party shall, taking into account the adjustments as may be specified in the certificate to be made to guaranteed policy moneys payable under such agreements or arrangements, continue in full force and effect, and shall be enforceable by or against the transferee, as from that date as if the transferee had been named therein or had been a party thereto instead of the transferor; and
(c)any proceedings or cause of action, by or against the transferor, pending or existing immediately before that date and relating to the business (or any part thereof) may be continued and shall be enforced by or against the transferee as from that date.
[16/2011 wef 01/05/2011]
(9)  For the avoidance of doubt —
(a)the business (or any part thereof) of the transferor shall be transferred to and vest in the transferee in accordance with subsection (8) notwithstanding any incapacity of the transferor; and
(b)where guaranteed policy moneys under a policy has been adjusted (hereafter referred to as adjusted guaranteed policy moneys), the policy owner or claimant shall continue to have recourse against the transferor for the difference between the original guaranteed policy moneys and the adjusted guaranteed policy moneys.
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(10)  The certificate shall not have any effect or operation in transferring or otherwise vesting land in Singapore until the appropriate entries are made with respect to the transfer or vesting of that land by the appropriate authority.
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(11)  Section 259 of the Companies Act (Cap. 50) shall not apply to the transfer of any property under the certificate.
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(12)  If any specified business is governed by the law of any foreign country, the certificate may require the transferor, if the transferee so requires, to take all necessary steps for securing that the transfer of the specified business to the transferee is fully effective under the law of that country.
[16/2011 wef 01/05/2011]
[Act 11 of 2013 wef 18/04/2013]
(13)  The transferee and the transferor shall each lodge, within 7 days after being served with the certificate —
(a)a copy of the certificate with the Registrar of Companies or, in the case of co-operative societies, with the Registrar of Co-operative Societies; and
[Act 11 of 2013 wef 18/04/2013]
(b)where the certificate relates to land in Singapore, an office copy of the certificate with the appropriate authority concerned for the registration or recording of dealings in that land.
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(14)  A transferor or a transferee which fails to comply with any provision in the certificate shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.
[16/2011 wef 01/05/2011]
[Act 11 of 2013 wef 18/04/2013]
(15)  A transferor which fails to comply with subsection (12) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.
[16/2011 wef 01/05/2011]
[Act 11 of 2013 wef 18/04/2013]
(16)  A transferor or a transferee which fails to comply with subsection (13) and every officer of the transferor or the transferee who fails to take all reasonable steps to secure compliance by the transferor or the transferee, as the case may be, with that subsection shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 and, in the case of a continuing offence, to a further fine not exceeding $200 for every day or part thereof during which the offence continues after conviction.
[16/2011 wef 01/05/2011]