61. Power of Court to reduce contracts of insurance
61. Power of [Tribunal] to reduce contracts of insurance. —(1) Where an insurance company is in liquidation or any other insurer is insolvent the [Tribunal] may make an order reducing the amount of the insurance contracts of the company or other insurer upon such terms and subject to such conditions as the [Tribunal] thinks just.
Where a company carrying on the business of life insurance has been proved to be insolvent, the [Tribunal] may if it thinks fit in place of making a winding up order reduce the amount of the insurance contracts of the company upon such terms and subject to such conditions as the [Tribunal] thinks fit.
Application for an order under this section may be made either by the liquidator or by or on behalf of the company or by a policy-holder, or by the [Authority] and by any person whom the [Tribunal] thinks likely to be affected shall be entitled to be heard on any such application.
Amendment notes (2)
- Subs w.e.f. 1-4-2003 . Subs. by Act 11 of 2003, s. 133 and the Schedule (serial no. 7), for "Court" (w.e.f. 1-4-2003).
- Subs w.e.f. 19-4-2000 . Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).