Section 64: Voluntary winding up

64. Voluntary winding up (1) Notwithstanding the Insolvency Act or any other specific enactment, no insurer shall be wound up voluntarily without the prior written authority of the Commission. (2) The Commission may authorise an insurer to wind up where the insurer is solvent and submits a declaration to the effect that arrangements satisfactory to the Commission have been made by the insurer to meet all its liabilities under the insurance policies entered into by it prior to the winding up. I15 – 45 [Issue 2] Insurance Act (3) Where an insurer has received the authorisation of the Commission under subsection (2), it shall— (a) immediately cease to do business, retaining only the powers to carry out the necessary business for the purpose of effecting an orderly winding up; (b) repay its policy holders and creditors in accordance with section 63; and (c) wind up all operations undertaken. (4) The insurer shall— (a) not later than 30 days from the receipt of an authorisation under subsection (2), send by registered post a notice of voluntary winding up, specifying such information as the Commission may specify, to all policy holders, creditors and persons otherwise entitled to the funds or property held by the insurer as a fiduciary; (b) cause to be published a notice of the voluntary winding up in such manner as the Commission may specify. [S. 64 amended by s. 414 (2) (b) of Act 3 of 2009 w.e.f. 1 June 2009.]