Section 69: Reduction of contract
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.
69. Reduction of contract
(1) Where an insurer is unable to pay its debts, the Court may, instead of
making an order for winding up, order the reduction of the amount of the
current policies of the insurer upon such terms and subject to such conditions as the Court considers appropriate.
(2) For the purpose of a reduction under subsection (1), the value of the
assets and liabilities of the insurer and all claims in respect of policies issued
by the insurer shall be ascertained in the manner set out in section 15.
PART VIII – OTHER INSURANCE PROFESSIONALS
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Questions this section answers
- Can a court reduce my policy's value instead of winding up the insurer that can't pay its debts?