Unclaimed Life Assurance Policies Act 2003
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Prohibition on transfer of moneys under section 10 . |
11.—(1) After the relevant date, an insurance undertaking shall not transfer moneys to the Fund under section 10 if— | |
(a) the authorisation of the insurance undertaking is revoked, withdrawn or suspended, | ||
(b) the regulatory authority gives a direction to the insurance undertaking under— | ||
(i) Article 54(2) of the Life Regulations of 1994, or | ||
(ii) section 17 or 18 of the Insurance Act 1989 , | ||
(c) the regulatory authority applies to the court for an order under Article 36 of the Life Regulations of 1994 in relation to the insurance undertaking, | ||
(d) an examiner or administrator is appointed by the court to the insurance undertaking, or | ||
(e) the insurance undertaking is— | ||
(i) in receivership, | ||
(ii) in liquidation, | ||
(iii) being wound up, or | ||
(iv) otherwise being dissolved. | ||
(2) The prohibition in subsection (1) ceases to apply to the insurance undertaking when— | ||
(a) its authorisation is restored or the suspension is terminated, | ||
(b) a direction referred to in subsection (1)(b) is revoked, set aside, terminated or otherwise ceases to have effect, | ||
(c) in the case of an order referred to in subsection (1)(c), an application for an order is withdrawn or refused or the order is set aside, terminated or otherwise ceases to have effect, or | ||
(d) the appointment of an examiner or administrator has terminated. | ||
(3) In this section “relevant date” means— | ||
(a) the date of the revocation, withdrawal or suspension of the authorisation, as the case may be, or the date on which the direction is given or an application for an order is made, | ||
(b) the date of appointment of the examiner or administrator, | ||
(c) the date of appointment of the receiver, | ||
(d) where the insurance undertaking is being wound up— | ||
(i) in the case of a voluntary winding up, the date of the passing of the resolution for voluntary winding up, | ||
(ii) in the case where, before the presentation of a petition for the winding up by the court, a resolution has been passed for voluntary winding up, the date of the passing of the resolution, and | ||
(iii) in any other case, the date of the presentation of a petition for the winding up by the court, | ||
or | ||
(e) where the institution is otherwise being dissolved, the date of the dissolution. | ||
(4) An insurance undertaking that fails to comply with subsection (1) is guilty of an offence. |