(1) A scheme under which the whole or any part of the international insurance business of any licensee (in this section referred to as the “transferor”) is to be transferred to another licensee or insurer (in this section referred to as the “transferee”) shall be void unless the Minister has sanctioned the scheme.
(2) Either the transferor or the transferee may apply to the Minister, for the sanctioning of the scheme, and the Minister may if satisfied sanction the scheme.
(3) The Minister shall not entertain an application made under subsection (2) unless the application is accompanied by a report on the scheme prepared by an actuary and the Minister is satisfied that sufficient notice of the scheme and of the application for its approval has been given and has been published in the Gazette, and also that copies of the application and the report have been served on the Minister.
(4) On any application under this section a person who alleges that he or she would be adversely affected by the carrying out of the scheme is entitled to be heard by the Minister.
(5) Subsections (1) to (4) shall not have effect in relation to the transfer of business to effect normal re-insurance.