Section 50

No creditor of a person who has paid a long-term premium to an insurer may set aside or seek to set aside a transfer or payment of any long-term premium by that person to that insurer unless it is determined, in a final order or judgment by the Court, that the transfer or payment of the premium by that person was made with the principal intent to defraud that creditor.

42

BLUV as at 14th January 2016

The onus of proof of that person’s intent to defraud a creditor shall lie on the creditor, and the required standard of proof in such a case being to prove such intent beyond reasonable doubt.

Notwithstanding anything to the contrary in this Order or in any other written law, no action or proceedings may be commenced in any jurisdiction to rescind, avoid, set aside or divert any payment of a long-term premium to which this Part applies later than 2 years after the date of transfer or payment of that premium.

A person shall not have imputed to him any intent to defraud a creditor by reason only that he is a policy holder, recipient of a benefit or is the settlor, trustee, protector or a beneficiary of a trust, a shareholder, director or officer of a company, a member of a partnership or other person or group of persons which is a beneficiary under the policy.

This section applies to claims, actions, proceedings and arbitrations against any person who has paid a long-term premium, policy holders, beneficiaries of policies insurers, and each of their successors, assigns, officers, directors, employers and agents.

Nature and extent of protection.