185Assignment of policies of former insurers etc

#### 185 Assignment of policies of former insurers etc 185 Assignment of policies of former insurers etc > > (1) In this section— > > > > former insurer means a former licensed insurer whose licence has ceased to be in force by cancellation, suspension or the expiry of the term of the licence. > > > (2) The Authority may assign all or any class of policies of insurance of a former insurer to a licensed insurer nominated by the Authority. > > > (3) Policies of insurance may be assigned under this section by notice served by the Authority on the former insurer concerned. > > > (4)–(6) (Repealed) > > > (7) An assignment of an insurance policy under this section— > > > > > (a) transfers the rights, obligations and liabilities under the policy of the former insurer to the licensed insurer to which the policy is assigned, and > > > > > (b) does not otherwise affect the rights, obligations or liabilities acquired, accrued or incurred under the policy. > > > (8) For the purposes of this Act, any such assigned policy is to be taken to have been issued or renewed by the licensed insurer to which it is assigned. > > > (9) If an insurance policy is assigned under this section, the former insurer concerned must, subject to any directions of the Authority, provide the licensed insurer to which the policy is assigned with— > > > > > (a) copies of all documents relating to the policy or to claims under it, and > > > > > (b) (Repealed) > > Maximum penalty—20 penalty units. > > **s 185:** Subst 1991 No 2, Sch 3 (2). Am 1991 No 94, Sch 1; 1993 No 47, Sch 1; 1994 No 10, Sch 2 (2); 2003 No 81, Sch 2 \[37\] \[38\].