Section 2: Existing insurers

2. Existing insurers (a) An existing insurer shall, until the effective date, be deemed to hold a licence issued under this Act in respect of any category or class of insurance business for which it was registered under the repealed Act or licensed under the repealed Financial Services Development Act 2001 immediately before the coming into operation of this Act or unless the licence is earlier cancelled or revoked under Part XII. (b) An existing insurer carrying on both long term and general insurance business, immediately before the coming into operation of this Act, shall be deemed to be authorised under section 8 of this Act until the effective date. (c) Any significant shareholder of an existing insurer shall be deemed to have obtained the authorisation of the Commission under section 27 of this Act. (d) For the purposes of section 24, the stated capital and the deposit required under the repealed Act shall, until the effective date, be deemed to be the capital and the deposit required by this Act in respect of existing insurers. (e) Section 26 (6) of the repealed Act shall, until the effective date, remain in force in relation to an existing insurer as if it has not been repealed. (f) During the period referred to in paragraph (e) above, notwithstanding section 15, an existing insurer not maintaining the solvency margin determined in accordance with the solvency rules, shall satisfy the Commission that it has an appropriate contingency plan structured on an annual basis or as the Commission may determine, that will ensure the existing insurer’s compliance with section 15 by the effective date. (g) During the time specified for the contingency plan, the Commission may take any such action under the Act as it deems appropriate.