Comparison View

Formal Consolidation |  2020 RevEd
General provisions as to winding up
120.—(1)  This section is to be read together with section 54 of the Monetary Authority of Singapore Act 1970.
[16/2011; 31/2017]
(2)  Despite any written law or rule of law, a liquidator appointed in respect of a licensed insurer carrying on insurance business in Singapore must, when winding up the licensed insurer —
(a)endeavour, as far as reasonably practicable, to sell or transfer the whole or part of the insurance business of the licensed insurer to any other insurer licensed to carry on the relevant class or classes of business;
(b)continue to carry on the insurance business of the licensed insurer until the whole insurance business is transferred to another insurer licensed to carry on the relevant class or classes of business, unless directed by the Court; and
(c)have all necessary powers to carry out the functions set out in paragraphs (a) and (b).
[16/2011; 11/2013]
(3)  The Authority may at any time appoint one or more actuaries to perform an independent assessment of, and provide a report on, the proposed transfer of the insurance business of a company by a liquidator pursuant to subsection (2).
[16/2011]
(4)  The remuneration and expenses of any actuary appointed under subsection (3) must be paid by the licensed insurer.
[16/2011; 11/2013]
(5)  The Authority must serve a copy of any report provided under subsection (3) on the liquidator.
[16/2011]
(6)  The Authority must be a party to any proceedings under the Insolvency, Restructuring and Dissolution Act 2018 relating to the winding up of the affairs of an insurer licensed under this Act or an insurance broker registered under this Act, and the liquidator in such a winding up must give the Authority such information as it may from time to time require about the affairs of the insurer or insurance broker, as the case may be.
[16/2011; 11/2013; 40/2018]
(7)  For the purposes of any proceedings under the Insolvency, Restructuring and Dissolution Act 2018 for the winding up of the affairs of such an insurer by the Court, the contingent and prospective liabilities of the insurer in respect of policies are, in determining whether it is unable to pay its debts, to be estimated in accordance with such rules as may be prescribed.
[16/2011; 40/2018]
(8)  If the Authority submits to the Rules Committee, established under any written law relating to the courts, proposals for making special provision under section 448 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to insurers licensed under this Act or any description of such insurers, the Rules Committee may by rules made under that section give effect to the proposals, either as submitted or subject to such modifications as the Rules Committee may think fit.
[16/2011; 11/2013; 40/2018]
(9)  Proposals under subsection (8), and rules made by virtue thereof, may provide for modifying or excluding, in relation to insurers so licensed, provisions of Part 8 of the Insolvency, Restructuring and Dissolution Act 2018 requiring the holding of meetings or otherwise relating to the procedure in a winding up.
[16/2011; 11/2013; 40/2018]
(10)  In the winding up of the affairs of a licensed insurer, section 218(2) to (8) of the Insolvency, Restructuring and Dissolution Act 2018 does not apply to the valuation of liabilities in respect of policies; but in any such winding up, whether the insurer is insolvent or not, those liabilities are to be estimated in accordance with the rules prescribed under subsection (7) and, as regards matters not fixed by the rules, on a basis approved by the Court.
[16/2011; 11/2013; 40/2018]
(11)  In a members’ voluntary winding up, the basis to be adopted as regards matters not fixed by the rules may be approved by the Authority instead of by the Court.
[16/2011]
(12)  References in this section to a licensed insurer extend also to a Singapore insurer which has ceased to be so licensed but remains under any liability in respect of Singapore policies or offshore policies.
[16/2011; 11/2013]
(13)  In this section —
“Court” means the General Division of the High Court;
“liquidator” includes a provisional liquidator.
[49FO
[16/2011; 40/2018; 40/2019]
Informal Consolidation | Amended Act 31 of 2022
General provisions as to winding up
120.—(1)  This section is to be read together with section 54 of the Monetary Authority of Singapore Act 1970.
[16/2011; 31/2017]
(2)  Despite any written law or rule of law, a liquidator appointed in respect of a licensed insurer carrying on insurance business in Singapore must, when winding up the licensed insurer —
(a)endeavour, as far as reasonably practicable, to sell or transfer the whole or part of the insurance business of the licensed insurer to any other insurer licensed to carry on the relevant class or classes of business;
(b)continue to carry on the insurance business of the licensed insurer until the whole insurance business is transferred to another insurer licensed to carry on the relevant class or classes of business, unless directed by the Court; and
(c)have all necessary powers to carry out the functions set out in paragraphs (a) and (b).
[16/2011; 11/2013]
(3)  The Authority may at any time appoint one or more actuaries to perform an independent assessment of, and provide a report on, the proposed transfer of the insurance business of a company by a liquidator pursuant to subsection (2).
[16/2011]
(4)  The remuneration and expenses of any actuary appointed under subsection (3) must be paid by the licensed insurer.
[16/2011; 11/2013]
(5)  The Authority must serve a copy of any report provided under subsection (3) on the liquidator.
[16/2011]
(6)  The Authority must be a party to any proceedings under the Insolvency, Restructuring and Dissolution Act 2018 relating to the winding up of the affairs of an insurer licensed under this Act or an insurance broker registered under this Act, and the liquidator in such a winding up must give the Authority such information as it may from time to time require about the affairs of the insurer or insurance broker, as the case may be.
[16/2011; 11/2013; 40/2018]
(7)  For the purposes of any proceedings under the Insolvency, Restructuring and Dissolution Act 2018 for the winding up of the affairs of such an insurer by the Court, the contingent and prospective liabilities of the insurer in respect of policies are, in determining whether it is unable to pay its debts, to be estimated in accordance with such rules as may be prescribed.
[16/2011; 40/2018]
(8)  If the Authority submits to the Rules Committee, established under any written law relating to the courts, proposals for making special provision under section 448 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to insurers licensed under this Act or any description of such insurers, the Rules Committee may by rules made under that section give effect to the proposals, either as submitted or subject to such modifications as the Rules Committee may think fit.
[16/2011; 11/2013; 40/2018]
(9)  Proposals under subsection (8), and rules made by virtue thereof, may provide for modifying or excluding, in relation to insurers so licensed, provisions of Parts 8 and 9 of the Insolvency, Restructuring and Dissolution Act 2018 requiring the holding of meetings or otherwise relating to the procedure in a winding up.
[16/2011; 11/2013; 40/2018]
[Act 31 of 2022 wef 01/11/2022]
(10)  In the winding up of the affairs of a licensed insurer, section 218(2) to (8) of the Insolvency, Restructuring and Dissolution Act 2018 does not apply to the valuation of liabilities in respect of policies; but in any such winding up, whether the insurer is insolvent or not, those liabilities are to be estimated in accordance with the rules prescribed under subsection (7) and, as regards matters not fixed by the rules, on a basis approved by the Court.
[16/2011; 11/2013; 40/2018]
(11)  In a members’ voluntary winding up, the basis to be adopted as regards matters not fixed by the rules may be approved by the Authority instead of by the Court.
[16/2011]
(12)  References in this section to a licensed insurer extend also to a Singapore insurer which has ceased to be so licensed but remains under any liability in respect of Singapore policies or offshore policies.
[16/2011; 11/2013]
(13)  In this section —
“Court” means the General Division of the High Court;
“liquidator” includes a provisional liquidator.
[49FO
[16/2011; 40/2018; 40/2019]