Winding-up on petition of Supervisor

(1) The Supervisor may present a petition for the winding- up of a registered insurer or its business from in or from within Belize on any ground provided by and in accordance with the provisions of the Companies Act, and/or the International Business Companies Act, and also on the following additional grounds– (a) that the registered insurer has failed to satisfy an obligation to which it is or was subject by virtue of this Act; CAP. 250. CAP. 270. (b) that the registered insurer, being under an obligation imposed by the Companies Act or the International Business Companies Act or this Act with respect to the keeping of business and accounting has kept in satisfaction of that obligation and the Supervisor is unable to ascertain its financial position. (2) In any proceedings on a petition to wind-up a registered insurer presented by the Supervisor under sub-section (1), evidence that such registered insurer was insolvent at the close of the period to which the annual accounts of the registered insurer last submitted under section 15 of this Act relate shall be evidence that the registered insurer continues to be unable to pay its debts, unless the contrary is proved.