116. In this Division —“transferee” means a licensed insurer, a company or a co‑operative society which has applied or will be applying for a licence to carry on the relevant class or classes of business, to which the whole or part of a transferor’s business is or is to be, or is proposed to be, transferred under this Division;
“transferor” means a licensed insurer, the whole or part of the business of which is or is to be, or is proposed to be, transferred under this Division.[49FA
[16/2011; 11/2013]
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