PART V
MISCELLANEOUS
Revocation
20.  The Insurance (General Provisions and Exemptions for Protection and Indemnity Clubs) Regulations 2004 (G.N. No. S 804/2004) are revoked.
Savings and transitional provisions
21.—(1)  Any insurer which, immediately before 1st January 2008, is a Protection and Indemnity Club within the meaning of the revoked Insurance (General Provisions and Exemptions for Protection and Indemnity Clubs) Regulations 2004 shall, from that date, be deemed to be a marine mutual insurer for the purposes of these Regulations until such time the insurer ceases to be a registered insurer or to be permitted to carry on marine mutual insurance business by the Authority.
(2)  Where —
(a)immediately before 1st January 2008, any insurer registered under section 8 of the Act as a direct insurer to carry on general business is providing marine mutual insurance; and
(b)the Authority is of the opinion that the insurer should be treated as a marine mutual insurer for the purposes of these Regulations and has, before 1st January 2008, so notified the insurer in writing,
that insurer shall, from that date, be deemed to be a marine mutual insurer for the purposes of these Regulations.
(3)  For the avoidance of doubt, nothing in these Regulations shall affect any condition to which the registration of an insurer, deemed to be a marine mutual insurer under paragraph (1) or (2), is subject immediately before 1st January 2008.
(4)  Notwithstanding these Regulations, an insurer deemed to be a marine mutual insurer under paragraph (1) or (2) may continue to comply with the revoked Insurance (General Provisions and Exemptions for Protection and Indemnity Clubs) Regulations 2004 (G.N. No. S 804/2004) in force immediately before 1st January 2008 for a period of 6 months after that date, in which event the revoked Regulations shall apply to the insurer during that period as if these Regulations were not made.
(5)  Where an insurer referred to in paragraph (4) elects to cease complying with the revoked Insurance (General Provisions and Exemptions for Protection and Indemnity Clubs) Regulations 2004 at any time before the expiry of the period referred to in that paragraph, the insurer shall give the Authority notice in writing of the date the election is made no later than 14 days after that date and paragraph (4) shall not apply to the insurer from that date.