Powers of Supervisor to intervene

(1) Subject to section 54, the Supervisor may at any time intervene in the affairs of a company licensed under this Act to carry on insurance business. (2) The power of intervention shall be exercised where the Supervisor is satisfied that94 (a) the exercise of the power is essential in order to protect policyholders or potential policyholders of the company against the risk of the company’s inability to meet its liabilities or, where a company is carrying on long-term insurance business, to fulfil the reasonable expectations of policyholders or potential policyholders; (b) the company has failed to satisfy any obligation imposed on it by this Act; (c) the company has furnished misleading or inaccurate information to the Supervisor under or for the purposes of this Act; (d) adequate arrangements have not been or will not be made for the reinsurance of risks against which persons are insured by the insurer and in respect of which he considers such arrangements to be necessary; (e) an application for registration would be refused if such an application were made at the time of the proposed intervention; (f) a company is deemed to be insolvent in accordance with section 50; (g) after liability has been established that there has been unreasonable delay in the settlement of claims under policies issued by the company; or (h) the company has failed to submit to the Supervisor financial statements and returns within six (6) months of the end of the company’s financial year. 95