Section 34. Documents to be filed when scheme confirmed. (INSURANCE ACT, 1963

(P.M. ACT 1 OF 1963)
INSURANCE ACT, 1963

PART III - RETURNS, INVESTIGATIONS, WINDING UP AND TRANSFERS OF BUSINESS
Transfers of business

Section 34. Documents to be filed when scheme confirmed.

(1) Where by a scheme under section 32 insurance business of an insurer is trarsferred to another, the transferee shall within one month after the scheme takes effect, lodge with the Commissioner-

(a)

statements of the assets and liabilities of each insurer concerned as at the time immediately before the transfer, signed on behalf of the insurer and, in the case of the transferor, indicating whether the transfer is of the whole of the transferor's business and, if not, the extent to which the transferor's assets and liabilities relate to the business transferred; and

(b)

a copy of the scheme· s confirmed by the Court, and a certified copy of the order of the Court confirming the schee; and

(

) copies of any actuarial or other reports upon which the scheme was founded (being reports made since a copy of the scheme was lodged under sub-section (1) of section 33); and

(

) a statutory declaration made by the chairman of directors of the transferee, or by its principal officer in the Federation, fully setting forth every payment made or to be made to any person whatsoever on account of the transfer, and stating that, to the best of his belief, no other payment beyond those so set forth has been, or is to be, made on account thereof by or with the knowledge of any insureroncerned.

In paragraph (d) references to the making of a payment include references to the transfer of property or rights of any description.

(2) On the confirmation of a scheme under section 32 each of the insurers concerned shall (unless it is an unincorporated company) file a copy of the scheme with the Registrar of Companies or, in the case of societies registered under the Co-operative Societies Ordinance*, 1948, with the Registrar under that Ordinance

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* In its application to Sabah and Sarawak, substitute the corresponding written law-The Co-operative Societies Ordinance of Sabah, 3/58 and the Co-operative Societies Ordinance of Sarawak (Cap. 66), as the case may be.-See Modification of Laws (Insurance) (Extension) Order, F.L.N. 470/64.