Section 111: Surrender of licence
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
111. Surrender of licence
(1) A licensee may surrender its licence after giving the Commission notice of at least one month—
(a) before adopting a resolution for the voluntary winding up;
(b) prior to the cessation of business.
(2) A notice under subsection (1) shall specify the measures that the licensee shall take to discharge all its obligations under insurance policies and
meet all of its other liabilities.
(3) The surrender of the licence shall be of no effect and the licensee
shall continue to be subject to the requirements and obligations under this
Act, the FSC Rules, the conditions, restrictions and limitations of its licence
and the directions of the Commission, until the Commission, after cancelling
the licence, gives public notice of the cancellation.
[S. 111 amended by s. 38 of Act 16 of 2007 w.e.f. 28 September 2007.]
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Questions this section answers
- How much notice must an insurer give before surrendering its licence and closing down?