Scheme of Transfer between Swiss Reinsurance Company Ltd, Kuala Lumpur Branch and Swiss Re Asia Pte. Ltd., Malaysia Branch
Swiss Reinsurance Company Ltd, Kuala Lumpur Branch ("SRZ KL Branch") will be transferring its general reinsurance business, as well as general and family Retakaful business to Swiss Re Asia Pte. Ltd., Malaysia Branch ("SRAL Malaysia Branch"), through a Scheme of Transfer ("Scheme") pursuant to Section 100 (1) of the Financial Services Act 2013 and Section 112(1) of the Islamic Financial Services Act 2013. The Scheme has been approved by Bank Negara Malaysia ("BNM") and is subject to the confirmation of the High Court of Malaya under Section 102 (1) of the Financial Services Act 2013 and Section 114(1) of the Islamic Financial Services Act 2013.
The Scheme is expected to take effect on 1 January 2020 or such other date as BNM shall approve or the High Court of Malaya shall confirm.
On the effective date of the Scheme, the entire business of SRZ KL Branch, including all of its reinsurance contracts will be automatically transferred to SRAL Malaysia Branch. SRAL Malaysia Branch will also replace SRZ KL Branch as the Retakaful operator on record for Retakaful arrangements.
Should you wish to view the Scheme, please click on the document link below:
If you have any queries, please contact your Swiss Re Client Manager or Key Account Manager, or email us at SwissReAsia_DN@swissre.com.