s 155 Saving provisions
155.—(1) The repeal of section 34 of this Act as in force immediately before 8 January 2002 does not —(a) invalidate any existing Lloyd’s policy; (b) prevent the collection or receipt of premiums on any existing Lloyd’s policy; or (c) prejudice any right or claim against the Lloyd’s underwriter, or by the Lloyd’s underwriter of any right or claim against any policy owner or person, relating to any existing Lloyd’s policy. (2) The Authority must, if satisfied that insurance business is not being carried on in Singapore by any Lloyd’s underwriter under the repealed section 34, transfer any deposit referred to in the repealed section 34(4) and maintained under the repealed Second Schedule, to Lloyd’s, except such part (if any) that the Authority determines should be kept available for meeting claims against Lloyd’s underwriters in respect of any existing Lloyd’s policy. (3) For the purposes of this section —“existing Lloyd’s policy” means any insurance policy entered into by a Lloyd’s underwriter before 8 January 2002 and which was authorised under the repealed section 34; “Lloyd’s” has the meaning given by the repealed section 34; “Lloyd’s underwriter” has the meaning given by the repealed section 34.[65