Winding-up of insurer with long-term business

(1) No registered insurer which carries on long-term business shall be wound-up voluntarily. (2) Subject to sub-section (3), in any winding-up– (a) the assets of a registered insurer’s long-term business fund or funds shall be available only for meeting the liabilities and expenses of the registered insurer attributable to such long- term business for which the particular fund or funds were created; (b) the other assets of the registered insurer shall be available only for meeting the liabilities and expenses of the registered insurer attributable to its other business. (3) Where the value of the assets mentioned in sub-section (2) exceeds the amount of the liabilities and expenses mentioned in that paragraph, the restriction imposed by that sub-section shall not apply to so much of those assets as represents the excess. CAP. 250. CAP. 270. (4) Where under the Companies Act or the International Business Companies Act, any money or property is ordered to be repaid or restored to a registered insurer or any sum is ordered to be contributed to its assets then, if and in so far as the wrongful act which is the reason for the making of the order relates to assets representing a fund or funds maintained by the registered insurer in respect of its long-term business, the Court shall include in the order a direction that the money, property or contribution shall be treated for the purposes of this Act as assets of that fund or funds and this Act shall have effect accordingly. business of