Relevant policies issued by co-operative society
49O.—(1)  Where the licensed insurer of any relevant policy is a co-operative society, and the policy owner of that relevant policy —
(a)has not, before the date of commencement of section 2 of the Insurance (Amendment) Act 2009, made any nomination under section 45(1) of the Co-operative Societies Act in relation to that relevant policy; or
(b)has, before that date, revoked every nomination made under section 45(1) of the Co-operative Societies Act in relation to that relevant policy,
nothing in the Co-operative Societies Act shall, on or after that date, apply to that relevant policy or to any share or interest in any policy moneys under that relevant policy.
[3/2009 wef 01/09/2009]
[Act 11 of 2013 wef 18/04/2013]
(2)  Where the licensed insurer of any relevant policy is a co-operative society, and on or after the date of commencement of section 2 of the Insurance (Amendment) Act 2009 the policy owner of that relevant policy —
(a)revokes the last subsisting nomination made by him under section 45(1) of the Co-operative Societies Act in relation to that relevant policy; or
(b)makes any nomination under section 49L(2) or 49M(2) in relation to that relevant policy, whether or not there is any subsisting nomination made by him under section 45(1) of the Co-operative Societies Act in relation to that relevant policy,
nothing in the Co-operative Societies Act shall apply, on or after the date the policy owner revokes the last subsisting nomination under section 45(1) of the Co-operative Societies Act or makes the nomination under section 49L(2) or 49M(2), as the case may be, to the relevant policy or to any share or interest in any policy moneys under that relevant policy.
[3/2009 wef 01/09/2009]
[Act 11 of 2013 wef 18/04/2013]