164Assignment of licences

164 Assignment of licences

164 Assignment of licences

(cf s 106A MAA)

(1) A licensed insurer may, with the approval of the Authority, assign its licence to another licensed insurer or to a corporation to whom the Authority proposes to grant a licence.

(2) The Authority must not approve the assignment of a licence unless the Authority is satisfied that the proposed assignee is able to meet the past, present and future liabilities of the assignor—

(a) under any third-party policy in respect of which the assignor is the insurer, and

(b) to the Motor Accidents Operational Fund, and

(c) to any other licensed insurer.

s 164: Am 2015 No 19, Sch 7 [13].