(1) Insurance claims shall, with respect to assets representing the technical reserves of an insurance undertaking authorised by the Bank, take absolute precedence over any other claims on the insurance undertaking including claims accorded preference under section 285 of the Companies Act 1963 (No. 33 of 1963).
(2) Without prejudice to Regulation 9(1), where a life assurance undertaking is authorised to write non-life classes 1 and 2, then insurance claims in relation to -
(a) the life business of such undertaking shall, with respect to the assets representing the life technical reserves of such undertaking, take absolute precedence over any claims in relation to the non-life classes 1 and 2 business of such undertaking, and
(b) the non-life classes 1 and 2 business of such undertaking shall, with respect to the assets representing the non-life technical reserves of such undertaking, take absolute precedence over any claims in relation to the life business of such undertaking.
(3) Not
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