Insurance Order, 2006 · As enacted · Part IV
67. Special provision for insurers directed to cease insurance business
Official textFrom Attorney General's Chambers, unchanged
Where the Authority gives an insurer a direction under paragraph (e} of subsection (1) of section 65 by reason of the insolvency of the fund maintained by the insurer under this Order for either class of insurance business, the affairs of the insurer may be wound up by the Court under the Companies Act (Chapter 39)
Authority
"Authority" means such person as is appointed by His Majesty the Sultan and Yang Di-Pertuan under subsection 11) of section 4 to be the Authority for the purposes of this Order;
as if it had suspended its business for a whole year or as if it had ceased to carry on business.
Where the Authority gives an insurer a direction under paragraph (e} of subsection ( 1) of section 65 but, on a petition for the insurer to be wound up by the Court, the Court is satisfied that the insurer will be able to pay its debts in full within one year or such longer period as the Court thinks reasonable, the court may (if it thinks fit) order the affairs of the insurer to be wound up only as regards the insurance fund maintained for the class of business to which the direction relates.
Terms defined in s 2
Authority
Defined · s 2"Authority" means such person as is appointed by His Majesty the Sultan and Yang Di-Pertuan under subsection 11) of section 4 to be the Authority for the purposes of this Order;
insurance business
Defined · s 2"insurance business" includes the business of effecting and carrying out contracts {a} protecting persons against loss or liability to loss in respect of risks to which such persons may be exposed; or {b) to pay a sum of money or render money and includes reinsurance business;