s 60 Effect of prohibition on carrying on insurance business
60.—(1) Where a foreign insurer is prohibited from carrying on insurance business in Singapore, the foreign insurer must cease to carry on in Singapore insurance business of the kind of which the foreign insurer is prohibited from carrying on. (2) Subsection (1) does not prejudice the enforcement by any policy owner or person of any right or claim against the foreign insurer or by the foreign insurer of any right or claim against any policy owner or person. (3) Nothing in subsection (1) prohibits a foreign insurer from collecting or receiving premiums on insurance policies effected before the date of prohibition.[35I