(P.M. ACT 1 OF 1963)
INSURANCE ACT, 1963
Fifth Schedule.
FIFTH SCHEDULE
(Section 48 (2) and (3))
CONSEQUENTIAL AMENDMENTS AND SAVINGS
PART
I
AMENDMENTS
Companies Ordinance, 1940*
1.
In the Companies Ordinance,
1940 [49 of 1940],
the words "a company registered as a Federation insurer under the Insurance Act,
1963,"
shall be substituted-
(a)
in sub-section (3) of section 111 for the words from "an assurance company" to "the Fire Insurance Companies Ordinance"; and
(b)
in the Sixth Schedule, in the note relating to the copy of the last audited balance sheet of the company for the words from "an assurance company" to "(Chapter 152)".
2. In section 136 of the Companies Ordinance, 1940, in sub-section (1) the words "or insurance company" and sub-sections (6) and (7) shall be repealed.
Societies Ordinance, 1949
3. In sub-section (3) of section 7A of the Societies Ordinance, 1949 [28 of 1949], for the words from "carry on life assurance business" to "1948" there shall be substituted the words "be an insurer for purposes of the Insurance Act,1963".
Trust Companies Ordinance, 1949
4. In sub-section (2) of section 8 of the Trust Companies Ordinance
,1949,
for the words from "of insurance" to
"1948"
there shall be substituted the words "insurance business".
Workmen's compensation Ordinance, 1952
5.
(1)
In sub-section
(1)
of section 26 of the Workmen's Compensation Ordinance,
1952,
for the words from "with such insurers" to "approve" there shall be substituted the words "a Federation insurer within the meaning of the Insurance Act, 1963", and any order under that subsection which is in force when
this paragraph comes into force shall have effect accordingly.
(2) This paragraph shall not come into force until the end of six months from the commence of this Act.
Road Traffic Ordinance. 1958
6. (1) For sub-section
(1)
of section 76 of the Road Traffic Ordinance
,
1958 [49 of 1958], there shall be substituted-
"(1) For the purposes of this Part of this Ordinance, an authorised insurer means a person who at the time the policy in question is issued is lawfully carrying on motor vehicle insurance business in the Federation.",
(2) There shall be repealed in the said section 76
(a)
in sub-section (2) the words from "as a condition" to "sub-section (1)", paragraphs
(a)
and
(b)
in paragraph
(c)
the word "accounts" and Paragraphs
(d)
and
(e);
and
(b)
sub-sections (3) to (5).
PART II
SAVINGS
**7. (1) The repeal by this Act 9 of the Life Assurance Companies Ordinance, 1948 [38 of 1948], shall not, as regards an existing insurer not excepted from registration under this Act in respect of life business, affect the operation of sections 5 and 6 of that Ordinance (which relate to life assurance funds) until the establishment by the insurer of an insurance fund under this Act for its life business; but on that establishment the life assurance fund under the said section 5 shall be treated as super-seded from the beginning of the initial accounting period.
**(2) In the case of an existing insurer sections 7 to 12, 23 to 25 and 28 to 30 of the Life Assurance Companies Ordinance, 1948, shall continue to apply, as if this Act had not been passed, in relation to accounts, balance sheets, abstracts and statements for any period, or relating to any date, before the initial accounting period:
Provided that the right of any person under section 11 of that
Ordinance to any document deposited under that Ordinance shall cease
on the accounts for the initial accounting period being lodged with the Commissioner under this Act.
**(3) The repeal by this Act of the Life Assurance Companies Ordinance, 1948, shall not affect the operation of sections 19 to 21 of that Ordinance in relation to any winding up of an insurer which, having made a deposit under that Ordinance, is not registered under this Act, including a winding up commenced before the commencement of this Act.
***(4) So long as under this paragraph any other provision of the Life Assurance Companies Ordinance, 1948, is continued in force for any purpose, section 31 of that Ordinance (which relates to rules) shall continue to have effect in connection with that provision.
†8. (1)
In the case of an existing insurer, sections 5 to 7,
10, 11, and 14 to 16 of the Fire Insurance Companies Ordinance, 1948, shall continue to apply, as if this Act had not been passed, in relation to accounts and balance sheets for any period, or relating to any date, before the initial accounting period:
Provided that the right of any person under section 7 of that Ordinance to any document deposited under that Ordinance shall cease on the accounts for the initial accounting period being lodged with the Commissioner under this Act.
†(2) So long as under this paragraph any other provision of the Fire Insurance Companies Ordinance, 1948 [470/64], is continued in force for any purpose, section 17 of that Ordinance (which relates to rules) shall continue to have effect in connection with that provision.
9. The amendments made by paragraph 1 of this Schedule in sub-section (3) of section 111 of and the Sixth Schedule to the Companies Ordinance, 1940 [470/64], shall not affect the operation of those provisions in relation to the balance sheet of an existing insurer for a date before the initial accounting period.
____________________________________________________________________________________________________________________________________
* The Companies Ordinance, 1940 was repealed by the Companies Act, 1965 (
Act
79/65
)
with effect from 15th April,
1966
-See
also P.U.
168/66.
** In its application to Sabah substitute the Life Assurance Companies Ordinance of Sabab (Cap. 71)
with the corresponding sections set out herewith:
States of Malaya
Sabah
Sarawak
Sections
5 and 6
Sections
5 and 6
-
"
7 to 12
"
7 to 12
-
"
23 to 25
"
23 to 25
-
"
28 to 30
"
29 to 30
-
"
19 to 21
"
19 to 21
-
See
First Scbedule to F.L.N. 470/64.
*** In its application to Sabah substitute the Life Assurance Companies Ordinance of Sabah (Cap. 71)
with the corresponding section set out
herewith :
States of Malaya
Sabah
Sarawak
Section 31
Section 31
-
See
First Schedule to F.L.N. 470/64.
† In its application to Sabah substitute the Fire Insurance Companies Otdinance of Sabah (Cap. 46) with the corresponding sections set out herewith:
States of Malaya
Sabah
Sarawak
Sections
5 to 7
Sections
5 to 7
-
"
10
"
10
-
"
11
"
11
-
"
14 to 16
"
14 to 16
-
"
17
"
17
-
See
First Schedule to F.L.N 47/64.
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