(1) A company shall not transfer or amalgamate its long term insurance business, either in whole or in part, to or with the long term insurance business of any other company, except in pursuance of a scheme—
(a) prepared in accordance with this section and with sections 132 to 134; and
(b) confirmed by the Registrar.
(2) An application for the confirmation of a scheme shall be made to the Registrar by or on behalf of any company engaged in the transfer or amalgamation, and an application with respect to any matter connected with a scheme or a proposed scheme may be made at any time before it is confirmed, by any person who, in the opinion of the Registrar, is likely to be affected by the scheme or the proposed scheme.
(3) Where an application is made under subsection (2) the Registrar shall set a date not less than 2 months from the date of the application for the hearing thereof.
(4) At the hearing of the application the company is entitled to appear and to be heard either through one of its officers or through an attorney-at-law; the Registrar may hear such other evidence as he or she considers necessary and any person who, in the opinion of the Registrar, is likely to be affected by the scheme is entitled to be heard.
(5) A company which is aggrieved by the refusal of the Registrar to confirm a scheme may appeal against the decision in the manner specified in section 169.
(6) In the case of a foreign company this section shall apply only to the transfer or amalgamation of insurance business relating to its policies in Saint Lucia.