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Chapter
IX
Miscellaneous |
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9 |
(35) The Myanma
Insurance has the right to dispose of buildings, property and
vehicles taken over by it on
payment of compensation for loss and damage, in accordance
with the stipulation of the Ministry.
(36) Except for debts owed by the policy-holder to the State
or to Myanma Insurance, other debits and
liabilities, payable or dischargeable to the policy-holder
in these respect under this law shall note be
attached under any decree or order of any criminal or civil
Court.
(37) Movable and immovable property belonging to the Myanma
Insurance Corporation established under
the Insurance Business Law, operations in the process
of operation, operations which have been
completed, assets and
liabilities and also the office staff shall devolve on the Myanma
Insurance.
(38) Contracts, exchange of notes and insurance policies entered
into or executed under the Insurance
Business Law in respect of the insurance business shall
be deemed to be entered into or executed by
the Myanma Insurance.
(39) The Management Committee of the Myanma Insurance Corporation
established under the Insurance
Business Law shall have the right to carry on the business
until the day the duties and responsibilities
are handed over to the Board of Directors formed under
this Law.
(40) Rules, procedures, orders and directives issued under the
Insurance Business Law may continue to be
applicable in so far as they are not inconsistent with
the provisions of this Law.
(41) For the purpose of carrying out the provisions of this
Law:-
(a). the Ministry
may issue rules and procedures, with the approval of the Government;
(b). the Ministry and Myanma
Insurance may issue orders and directives.
(42) The Insurance Business Law (Pyithu Hluttaw Law No. 10 of
1975) is hereby repealed. |
(Sd) Than Shwe
Senior General
Chairman
The State
Law and Order Restoration Council |
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