Section 66: Distribution of assets

66. Distribution of assets (1) Where, in the opinion of the Commission, the insurer has discharged all of its obligations, its licence shall be cancelled and the remainder of its assets shall be distributed among its shareholders in proportion to their respective rights. (2) No distribution shall be made before— (a) all claims of policy holders and other creditors have been paid or, in the case of a disputed claim, before the insurer has turned over to the Commission, or to any other person proposed by the insurer and approved by the Commission, sufficient funds to meet any liability that may be judicially determined; (b) any funds payable to a policy holder or other creditor who has not claimed them have been turned over to the Commission or to any other person proposed by the insurer and approved by the Commission; [Issue 2] I15 – 46 Revised Laws of Mauritius (c) any other funds and property held by the insurer that could not be returned to the rightful owners in accordance with section 84 have been transferred to the Commission, or to any other person proposed by the insurer and approved by the Commission, together with the relevant inventories. (3) Any funds or property not claimed within a period of 10 years following their transfer shall be presumed to be abandoned funds or property and shall be dealt with in accordance with section 84.