Section 60: Continuation of business by liquidator

60. Continuation of business by liquidator (1) A liquidator who is in charge of liquidation proceedings in respect of an insurer shall, so far as it may be possible and subject to the direction of the Commission or the order of the Court, carry on the insurance business of the insurer during the liquidation proceedings, but shall not effect any new contracts of insurance including renewals of existing policies of general insurance. (2) A liquidator under subsection (1) may, in accordance with Part VI and subject to such exemptions and directions as the Commission may determine, transfer the assets and liabilities of the insurer to another insurer. (3) The liquidator may, for the purpose of a transfer under subsection (2), apply to the Court for an order to reduce— (a) the amount of liabilities under the policies of the insurer; or (b) the amount of its other liabilities, I15 – 43 [Issue 2] Insurance Act and the Court may reduce the liabilities to the extent necessary taking into account the value of its available assets subject to such condition as it considers fit. (4) Where the liquidator is satisfied that the interests of the existing policy holders and creditors in respect of liabilities of the insurer attributable to its business require the appointment of a special manager of the business, he may apply to the Court, and the Court may on the application appoint a special manager of that business to act during such time as the Court may direct, with such powers, including any of the powers of a receiver or manager under any other enactment, as may be entrusted to him by the Court. (5) The Court may require the special manager to give such security as it considers necessary. (6) The Court may make such order as it considers appropriate with regard to the payment of remuneration to the special manager.