Division 1 General restriction on insurers
Division 2 Licensed insurers
Division 3 Authorised reinsurers
Division 1 General provisions relating to insurance intermediaries
Division 2 Conduct of insurance broking business
Division 1 Returns
Division 2 Inspections and Investigations
Division 3 Powers where licensed insurer or insurance intermediary is unable to meet obligations, etc.
Division 1 Voluntary transfer of business
Division 2 [Repealed by Act 31 of 2017]
Division 3 [Repealed by Act 31 of 2017]
Division 4 [Repealed by Act 31 of 2017]
Division 5 Winding up
Division 6 Miscellaneous
Division 1 Administration and enforcement
Division 2 Miscellaneous amendments of law
Division 3 Supplementary
| Division 5 — Winding up |
| General provisions as to winding up |
| Special provision for insurers directed to cease insurance business |
| 121.—(1) Where the Authority gives an insurer a direction under section 102(2)(a)(v) by reason of the insolvency of the fund maintained by the insurer under this Act for either class of insurance business, the affairs of the insurer may be wound up by the Court under the Insolvency, Restructuring and Dissolution Act 2018 as if it had suspended its business for a whole year or, in the case of a winding up under Part 10 of that Act, as if it had ceased to carry on business. [16/2011; 40/2018]
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| Co-operative societies doing insurance business |
| 122.—(1) Where a co-operative society is a licensed insurer, no proceedings for the transfer of assets and liabilities, dissolution or winding up of the co‑operative society may be taken under sections 74, 75 and 83 to 89 of the Co‑operative Societies Act 1979. [16/2011; 11/2013]
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| Priority of claims of policy owners and specified liabilities |
| 123.—(1) Where a licensed insurer becomes unable to meet its obligations or becomes insolvent, the assets of the licensed insurer subject to section 16(12), must be available to meet all liabilities in Singapore of the licensed insurer specified in subsection (3), including liabilities which are properly attributable to the business to which an insurance fund relates. [16/2011; 11/2013]
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