Comparison View

Formal Consolidation |  2004 RevEd
Determination of liabilities in connection with winding up
9.—(1)  This regulation shall apply to any registered insurer or Singapore insurer which has ceased to be so registered but remains under any liability in respect of Singapore policies or offshore policies.
(2)  For the purposes of section 42(4) of the Act, and proceedings under the Companies Act (Cap. 50) —
(a)in the case of a winding up of the affairs of an insurer to which this regulation applies by the court, in determining whether the insurer is unable to pay its debts, any liability of the insurer in respect of policies; and
(b)in the case of a winding up of the affairs of an insurer to which this regulation applies, any liability of the insurer in respect of Singapore policies or offshore policies which is required to be valued,
shall be determined in the manner as set out in Part V of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).
Informal Consolidation | Amended S 136/2020
Determination of liabilities in connection with winding up
9.—(1)  This regulation shall apply to any licensed insurer or Singapore insurer which has ceased to be so licensed but remains under any liability in respect of Singapore policies or offshore policies.
[S 237/2013 wef 18/04/2013]
(2)  For the purposes of section 49FO(16) of the Act, and proceedings under the Companies Act (Cap. 50) —
(a)in the case of a winding up of the affairs of an insurer to which this regulation applies by the court, in determining whether the insurer is unable to pay its debts, any liability of the insurer in respect of policies; and
(b)in the case of a winding up of the affairs of an insurer to which this regulation applies, any liability of the insurer in respect of Singapore policies or offshore policies which is required to be valued,
shall be determined in the manner as set out in Part V of the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004).
[S 136/2020 wef 31/03/2020]