Cap. 403 Art. 40Undertakings carrying out servicingorrun-off of business of insurance.

Every authorised insurance undertaking issued under article 39 with a permit authorising it to cease to carry on the business it is authorised to carry on shall not, as from the date specified in the permit ("the specified date"), effect and carry out any new contracts of insurance in the business mentioned in the permit but shall -

(a) in the case of long term business, service or cause the person named in the permit to service on its behalf;

(b) in the case of general business run-off or cause the person named in the permit to run-off on its behalf, contracts of insurance effected and carried out by it before the specified date.