Section 110A: Appointment of special administrator

110A. Appointment of special administrator (1) Notwithstanding section 48 of the Financial Services Act, where the Minister is satisfied, on the basis of a report submitted by the Commission, that the liabilities of an insurer and any of its related companies exceed its assets by at least one billion rupees and that such excess is likely to be a threat to the stability and soundness of the financial system of Mauritius, he may request the Commission to appoint a special administrator to the whole or part of the business activities of the insurer and any of its related companies. (2) On receipt of a request under subsection (1), the Commission shall appoint a person who possesses the qualifications of an Insolvency Practitioner under the Insolvency Act as a special administrator in relation to the whole or part of the business activities of the insurer and any of its related companies. (3) The appointment of any— (a) administrator, other than by Court, under section 215 of the Insolvency Act; (b) administrator under section 48 of the Financial Services Act; or (c) conservator under section 106, to the insurer and any of its related companies shall end on the appointment of a special administrator under subsection (2) to that insurer and any of its related companies. (4) In the discharge of his functions under this Act, a special administrator appointed under subsection (2) shall have all the powers, duties and functions of an administrator under the Financial Services Act and Insolvency Act and of a conservator under this Act. (5) On the appointment of a special administrator under subsection (2), any person whose appointment has ended under subsection (3) shall, not later than 3 days from the appointment of the special administrator, transfer [Issue 7] I15 – 70 Revised Laws of Mauritius to him all property, books, records, documents and effects of the insurer and any of its related companies. (6) Any person who contravenes subsection (5) shall commit an offence and shall, on conviction, be liable to a fine not exceeding 50,000 rupees and to imprisonment for a term not exceeding 12 months. [S. 110A inserted by s. 5 of Act 6 of 2015 w.e.f. 29 April 2015.]