PART IIIEFFECT OF RESTRICTIONS AND PROHIBITIONS IMPOSED UNDER OLD LAW
Directions and requirements under the Insurance Companies Act
Order of the court under section 40A of the Insurance Companies ActI142
1
This article applies to a person where there is in force against him immediately before commencement an order of the court made under section 40A of the Insurance Companies Act24.
2
A person to whom this article applies is to be treated after commencement as if he were subject to an assets requirement within the meaning of section 48(3)(a) prohibiting him from disposing of or otherwise dealing with his assets in any manner which would have been prohibited by the order as it had effect immediately before commencement (having regard to any subsequent orders made under section 40A(2) of the Insurance Companies Act) and section 48(4) and (5) apply accordingly.
3
On commencement the order of the court referred to in paragraph (1) ceases to have effect.
4
Where—
a
before commencement, a person (“P”) was subject to an order made under section 40A of the Insurance Companies Act;
b
the Authority had, at any time after the making of this Order, given notice of that order to an institution with whom P keeps an account;
c
P is subject to a requirement after commencement by virtue of paragraph (2),
that notice is to be treated after commencement as if it had been given under section 48(4)(b).