Cap. 403 Art. 69Savings.

(1) Subject to sub-article (4), every licence issued or other action whatever taken or commenced under the Insurance Business

* Act (in this article referred to as "the Act") shall continue in force and to be valid as if such licence were issued or other action were taken or commenced under this Act.

(2) Every company licensed under the Act to carry on business of insurance either as principal or as agent shall, not later than the appointed date, conform with the provisions of this Act or otherwise cease to carry on the business it was licensed to carry on, and shall until the appointed date or until it conforms with the provisions of this Act, whichever is the earlier, continue to be governed by the provisions of the Act. For the purpose of this article "appointed date" means a day being six months after the date of the coming into force of this Act.

(3) Where a company ceases to carry on business of insurance either as principal or as agent on grounds that such company did not, on the appointed date, conform with the provisions of this Act, that company shall be deemed to have given notice to the competent authority under article 39 on the appointed date to cease to carry on the business it was licensed to carry on, on the appointed date, and to have been issued with a permit by the competent authority under that article on the appointed date to cease to carry on such business on the appointed date and to service that business as from that date. The competent authority may impose such conditions with regard to the servicing of that business as it may deem proper.

*Repealed by this Act.

(4) Every licence issued or renewed or other action whatever taken or commenced under the Act in so far as it applies to insurance brokers and insurance salesmen, shall continue in force and to be valid as if such licence were a certificate of enrolment issued or as if such other action were action taken or commenced under the Insurance Distribution Act.

(5) For the purposes of this article "licence" includes an authority, permit, approval and appointment.

(6) Without prejudice to the provisions of article 12 of the Interpretation Act, all regulations, orders and other instruments which were kept in force by the Act and all regulations, orders and other instruments made under the Act, and any agreement and arrangement which were made in virtue of the Act, any regulation, order or other instrument shall, if and as in force immediately before the commencement of this article, be deemed to have been made under or in virtue of this Act and shall continue in force and may be amended, altered, repealed or otherwise dealt with accordingly.

(7) All references in any enactment and in any instrument or other document to the Act, or any provision thereof, shall, in so far as applicable, be read and construed as a reference to this Act or to the corresponding provision thereof.

(8) Any reference in any licence, notice, decision or other act made or taken by the competent authority, to an insurance directive issued by the competent authority, and any reference in any law or regulation to an insurance directive shall be deemed to be a reference to Insurance Rules.

(9) The assets and the liabilities of the Security Fund established by the Act shall upon the coming into force of this Act be transferred to the Protection and Compensation Fund established by article 49 without the need of any formality other than this Act. FIRST SCHEDULE Amended by: XVII. 2002.268; XIII. 2004.121. Deleted by XII. 2006.119.

SECOND SCHEDULE Amended by: XII. 2006.120; (Article 5) XXXIII. 2015.75. LONG TERM BUSINESS

Classes of Long Term Business Number Class Description

I Life and annuity Contracts of insurance on h contracts to pay annuities on human excluding (in each case) contracts Classes II and III of this Schedule.

II Marriage and birth Contracts of insurance to provide marriage or on the birth of a contracts expressed to be in effect of more than one year.

III Linked long term Contracts of insurance on h contracts to pay annuities on human the benefits are wholly or determined by reference to the value income from, property of any (whether or not specified in the by reference to fluctuations in, of, the value of property of any (whether or not so specified).

IV Permanent health Contracts of insurance providing benefits against risks of persons incapacitated in consequence injury as a result of an accident accident of a specified class or infirmity, being contracts that -

(a) are expressed to be in period of not less than until the normal retirement the persons concerned, limit of time, and

(b) either are not expressed to be terminable by the insurer, or are expressed to be so terminable only in special circumstances mentioned in the contract.

Tontines Contracts of insurance providing for operations whereby associations of subscribers are to be set up with a view to capitalising their contributions jointly and subsequently distributing the assets thus accumulated among the survivors or among the beneficiaries of the deceased.

Capital redemption Contracts of insurance providing for capital redemption operations based on actuarial calculation whereby, in return for single or periodic payments agreed in advance, commitments of specified duration and amount are undertaken.

Pension fund (a) Contracts to manage the investments of management pension funds, and in particular the assets representing the reserves of bodies that effect payments on death or survival or in the event of discontinuance or curtailment of activity; or

(b) Contracts or the kind mentioned in paragraph (a) above that are combined with contracts of insurance covering either conservation of capital or payment of a minimum interest.

Collective Contracts of a kind referred to in Article insurance 2(3)(b)(v) of the Solvency II Directive.

Social insurance Contracts of a kind referred to in Article 2(3)(c) of the Solvency II Directive. THIRD SCHEDULE Amended by: XXXIII. 2015.76. (Articles 5 and 7)

GENERAL BUSINESS