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Transfer of assurance licences.
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18.—(1) An assurance licence shall not be transferable by the licensee thereunder or by operation of law to any company or other person.
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(2) Whenever the ownership of an assurance business has been transferred, whether by act of the parties or operation of law, from the licensee under the assurance licence relating to such business to another assurance company, the Minister may, if he thinks proper so to do on the application of such other person or company, transfer the said assurance licence to such other assurance company, and for that purpose amend the said assurance licence by substituting therein (by correction or endorsement) the name of such other assurance company as the licensee thereunder.
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(3) Whenever a syndicate, which is the holder of an assurance licence for the time being in force, ceases to carry on in Saorstát Éireann the class of assurance business to which such assurance licence relates the Minister may, in his absolute discretion, on the application of some other syndicate, transfer the said assurance licence to such other syndicate, and for that purpose amend the said assurance licence by substituting therein (by correction or endorsement) such other syndicate as the licensee thereunder.
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(4) The provisions of this Act in relation to an application for and the grant of an assurance licence shall apply, so far as applicable, in relation to applications for and grants of transfers of assurance licences.
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