Transfer of amalgamation

(1) A Company shall not transfer or amalgamate any class of insurance business, either in whole or in part, to or with the insurance business of any other company, except in pursuance of a schemeTransfer and (a) prepared in accordance with this section and with sections 171 to 173; and (b) approved by the Supervisor. (2) An application for the approval of a scheme shall be made to the Supervisor by or on behalf of any company engaged in the transfer or amalgamation, and an application with respect to any matter connected with a scheme or a proposed scheme may be made at any time before it is approved, by any person who, in the opinion of the Supervisor, is likely to be affected by the scheme or the proposed scheme. (3) Where an application is made under sub-section (2), the Supervisor shall set a date not less than two months from the date of the application for the hearing thereof. (4) At the hearing of the application, the company is entitled to appear and to be heard either through one of its officers or through an attorney-at-law. (5) The Supervisor may hear such other evidence as he considers necessary and any person who, in the opinion of the Supervisor, is likely to be affected by the scheme is entitled to be heard. (6) A company which is aggrieved by the refusal of the Supervisor to confirm a scheme may appeal against the decision in the manner specified in section 174. (7) In the case of a foreign company, this section shall apply only to the transfer or amalgamation of insurance business relating to its policies in Belize. 167