Section 65: Rights of policy holders and creditors
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.
65. Rights of policy holders and creditors
(1) The authorisation under section 64 (2) to wind up an insurer shall not
prejudice the rights of a policy holder or other creditor to payment in full of
his claim nor the right of an owner of funds or other property held by the
insurer to the return thereof.
(2) All lawful claims shall be paid promptly and all funds and other property held by the insurer shall be returned to their rightful owners within such
maximum period as the Commission may determine.
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Questions this section answers
- Does my insurer winding up voluntarily affect my right to be paid my claim in full?