Section 68: Winding up by Court

68. Winding up by Court (1) In addition to the circumstances set out for winding up in the Insolvency Act, or under any other specific enactment, the Commission may make a petition to the Court for the winding up of an insurer where— (a) it is satisfied that the insurer is contravening section 15; (b) the licence of the insurer has been revoked; (c) it is in the public interest to do so. (2) Where an application to the Court for the winding up of an insurer is presented by a person other than the Commission, a copy of the application shall, at the same time, be served on the Commission who shall be entitled to be heard on the petition. (3) The Commission shall be a party to any proceedings under any enactment relating to the winding up of the affairs of an insurer and the liquidator in such a winding up shall provide the Commission with such information as it may from time to time require about the affairs of the insurer. (4) In the petition by the Commission for the winding up of an insurer, a reference which relates to the inability of the insurer to pay its debts or to meet its obligations shall be construed as relating also to its inability to comply with section 15. (5) Where an insurer licensed under this Act is wound up, the debts of the insurer shall, subject to section 63, be paid according to the laws of Mauritius with respect to privileges and priorities of claims, subject to the retention of such sums as are reasonably required to cover the claims arising under insurance policies. [S. 68 amended by s. 414 (2) (c) of Act 3 of 2009 w.e.f. 1 June 2009.] I15 – 47 [Issue 2] Insurance Act