§ 9 — Waiver of prohibition of transfer

9.—(1) A provision in any contract, agreement, conveyance, deed, lease, guarantee, bond, indemnity and other instrument or undertaking to which a private insurer is a party on the eve of the transfer date which prohibits or has the effect of prohibiting the transfer of any property, rights, obligations or liabilities of the private insurer on the eve of the transfer date and that relate to the former ElderShield Scheme is deemed by this Act waived on the transfer date.(2) A provision in any contract, agreement, conveyance, deed, lease, guarantee, bond, indemnity and other instrument or undertaking to which a private insurer is a party on the eve of the transfer date which confers on any counterparty to that contract, agreement, conveyance, deed, lease, guarantee, bond, indemnity, other instrument or undertaking any right of first refusal or pre‑emption rights —(a)

in respect of any property, right, obligation or liability of the private insurer on the eve of the transfer date and that relate to the former ElderShield Scheme; and

(b)

arising from or because of, or to the effect that a default is to occur or be deemed to occur as a result of, the transfer or intended transfer of those property, rights, obligations or liabilities,

is deemed by this Act waived on the transfer date.

—(1) A provision in any contract, agreement, conveyance, deed, lease, guarantee, bond, indemnity and other instrument or undertaking to which a private insurer is a party on the eve of the transfer date which prohibits or has the effect of prohibiting the transfer of any property, rights, obligations or liabilities of the private insurer on the eve of the transfer date and that relate to the former ElderShield Scheme is deemed by this Act waived on the transfer date.

(2) A provision in any contract, agreement, conveyance, deed, lease, guarantee, bond, indemnity and other instrument or undertaking to which a private insurer is a party on the eve of the transfer date which confers on any counterparty to that contract, agreement, conveyance, deed, lease, guarantee, bond, indemnity, other instrument or undertaking any right of first refusal or pre‑emption rights —(a)

in respect of any property, right, obligation or liability of the private insurer on the eve of the transfer date and that relate to the former ElderShield Scheme; and

(b)

arising from or because of, or to the effect that a default is to occur or be deemed to occur as a result of, the transfer or intended transfer of those property, rights, obligations or liabilities,

is deemed by this Act waived on the transfer date.