sec.30Transfer of CTP business

### sec.30 Transfer of CTP business The commission may, on the joint application of 2 licensed insurers, approve the transfer of CTP business from one insurer (the transferor ) to the other (the transferee ). An approval under this section may be given on the conditions the commission considers appropriate. Notice of an approval under this section must be published in the gazette. On publication of the notice of approval in the gazette— all rights and liabilities subject to the transfer are transferred to, and become rights and liabilities of, the transferee; and this Act operates as if the transferee had been selected as the insurer under the CTP policies subject to the transfer; and if the transferor’s entire CTP business is transferred—the transferor’s licence is withdrawn; and if part of the transferor’s CTP business is transferred—the transfer is an adequate reason for withdrawing the licence. s 30 amd 2000 No. 17 s 16 ; 2023 No. 23 s 132 (sec.30-ssec.1) The commission may, on the joint application of 2 licensed insurers, approve the transfer of CTP business from one insurer (the transferor ) to the other (the transferee ). (sec.30-ssec.2) An approval under this section may be given on the conditions the commission considers appropriate. (sec.30-ssec.3) Notice of an approval under this section must be published in the gazette. (sec.30-ssec.4) On publication of the notice of approval in the gazette— all rights and liabilities subject to the transfer are transferred to, and become rights and liabilities of, the transferee; and this Act operates as if the transferee had been selected as the insurer under the CTP policies subject to the transfer; and if the transferor’s entire CTP business is transferred—the transferor’s licence is withdrawn; and if part of the transferor’s CTP business is transferred—the transfer is an adequate reason for withdrawing the licence. - (a) all rights and liabilities subject to the transfer are transferred to, and become rights and liabilities of, the transferee; and - (b) this Act operates as if the transferee had been selected as the insurer under the CTP policies subject to the transfer; and - (c) if the transferor’s entire CTP business is transferred—the transferor’s licence is withdrawn; and - (d) if part of the transferor’s CTP business is transferred—the transfer is an adequate reason for withdrawing the licence.