Section 131: Transitional provisions

131. Transitional provisions (1) In this section— “Category 1 Global Business Licence” has the same meaning as in the Financial Services Act; “existing insurance intermediary” means an insurance agent, an insurance broker and an insurance salesman registered under the repealed Act; “existing insurance manager” means a captive management company holding a Category 1 Global Business Licence issued under the Financial Services Act immediately before the coming into operation of this Act; “existing insurer” means an insurer or reinsurer registered under the repealed Act, and includes an insurer or reinsurer holding a Category 1 Global Business Licence issued immediately before the coming into operation of this Act. (2) Subject to the other provisions of this section, and to the limitations, variations and exceptions set out in the Third Schedule, this Act shall apply to— (a) an existing insurer; (b) an existing insurance intermediary; (c) an existing insurance manager. [Issue 1] I15 – 76 Revised Laws of Mauritius (3) Nothing in this Act shall affect the operation of a Category 1 Global Business Licence granted under the Financial Services Act to any person to which this Act otherwise applies. (4) Where an existing insurer, carrying on both long term and general insurance business immediately before 28 September 2007, transfers, directly or indirectly any of its property or assets in furtherance of a plan acceptable to the Commission to separate its business in accordance with section 8, it shall be exempt from any duty or income tax that would be otherwise payable under the Registration Duty Act or the Income Tax Act, respectively. (5) This Act shall not affect— (a) any proceedings started for the winding up of an existing insurer, insurance intermediary or manager immediately before 28 September 2007, and the provisions of the repealed Act shall continue to apply to the winding up and the application of funds of the insurer; (b) any proceedings started by the Commission in the exercise of its powers under the repealed Act against an existing insurer, insurance intermediary or manager; (c) any proceedings in any Court of law against an existing insurer, insurance intermediary or manager. [S. 131 amended by s. 50 of Act 16 of 2007 w.e.f. 28 September 2007; s. 29 (b) of Act 9 of 2015 w.e.f. 31 December 2010.] 132. —