Managing General Agent repeal and savings preserve prior actions, pending applications, liabilities, and related circulars under the new regulations.

Managing General Agent provisions are omitted on commencement of the new regulations, and insurance intermediary provisions no longer apply to a Managing General Agent registered under these regulations. Actions already taken under the omitted provisions, including registrations, approvals, suspensions, cancellations, fee collections, adjudications, enquiries, investigations, show-cause notices, and pending applications, are saved and treated as if taken under the corresponding provisions of these regulations. Existing rights, liabilities, penalties, proceedings, references, circulars, and guidelines are preserved or read with corresponding references under these regulations.

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