Section 57: Effect of approval

57. Effect of approval (1) Subject to subsection (2), notwithstanding the absence of any agreement or consent which would otherwise be necessary for it to be effectual in law, an instrument giving effect to a transfer or amalgamation approved under section 56 shall be effectual in law— (a) to transfer to the transferee or amalgamated insurer all the rights and obligations under the policies included in the instruments of the parties to the transfer or amalgamation; and (b) where the instrument so provides, to secure the continuation by or against the transferee or the amalgamated insurer of any legal proceedings by or against the transferor or any party to the amalgamation which relate to those rights or obligations. (2) Where a transfer or amalgamation has taken place, no policy holder shall be regarded as having abandoned any claim which he would have had against the original insurer or to have accepted in its place the liability of another insurer, unless he or his agent has signed a written document abandoning that claim and accepting in its place the liability of that other insurer. (3) Within 3 months of the publication of a notice of approval, the transferee or amalgamated insurer, as the case may be, shall lodge with the Commission— (a) a balance sheet, prepared in accordance with the International Financial Reporting Standards, and, showing a true and fair view of the amalgamated insurer’s or the transferee’s affairs, as the case may be, as at the date of that publication; and (b) a declaration under the hand of each person who was, immediately prior to the date of that publication, Chairperson of any insurer that was a party to the transfer or amalgamation, that— (i) to the best of their knowledge and belief, every payment made or to be made to any person on account of the [Issue 1] I15 – 42 Revised Laws of Mauritius transfer or amalgamation is fully specified in the declaration and no other payments, except those specified, have been or are to be made, either in money, policies, bonds, valuable securities or other property, by or with the knowledge of the parties to the transfer or amalgamation; and (ii) the requirements under this Part or regulations for the purpose of this Part have been complied with.