Section 107: Duties and powers of conservator

107. Duties and powers of conservator (1) The conservator shall take charge of the business of the insurer and all of its property, books, records and effects and shall exercise all powers necessary to preserve, protect and recover any of the assets of the insurer, collect all monies and debts due to it, assert causes of action belonging to the insurer and file, sue and defend suits on its behalf. (2) The conservator may— (a) overrule or revoke actions of the board of directors and management of the insurer; or (b) suspend the powers of the board of directors of the insurer during the period of the conservatorship. (3) The conservator may— (a) subject to subsection (4), suspend, in whole or in part, the repayment or withdrawal of claims and other liabilities of the insurer; (b) subject to paragraph (d), disaffirm or repudiate any contract to which the insurer is a party; (c) enforce any contract entered into by the insurer, notwithstanding any provision of the contract providing for termination, default or acceleration by reason of insolvency or the appointment of a conservator; (d) disaffirm or repudiate a contract that, in his opinion, is fraudulent. (4) Any money and other credits received while the insurer is under conservatorship shall be kept in a separate account and shall not be used to liquidate any indebtedness of the insurer existing at the time the conservator was appointed or subsequent indebtedness incurred in order to discharge such indebtedness. (5) The conservator, where it is not an employee of the Commission itself, shall report to and be accountable to the Commission. [Issue 1] I15 – 68 Revised Laws of Mauritius