Insurance Ordinance

(1)
Subject to subsection (2), an instrument giving effect to a transfer approved by the Authority under
section 25D
shall be effectual in
law—
(Amended
12 of 2015 s. 2
)
(a)
to transfer to the transferee all the transferor’s rights and obligations under the policies included in the instrument; and
(b)
if the instrument so provides, to secure the continuation by or against the transferee of any legal proceedings by or against the transferor which relate to those rights and obligations,
notwithstanding the absence of any agreements or consents which would otherwise be necessary for it to be effectual in law for those purposes.
(2)
Except insofar as the Authority may otherwise direct, a policy holder whose policy is included in such an instrument shall not be bound by it unless he has been given written notice of its execution by the transferor or the transferee.
(Amended
12 of 2015 s. 2
)