Continuation of long-term business insurers in liquidation

(1) This section has effect in relation to the winding-up of a registered insurer carrying on long-term business. (2) The Liquidator shall, unless the Court otherwise orders, carry on the long-term business of the registered insurer with a view to its being transferred as a going concern to another international insurance company or foreign company, and, in carrying on that business as aforesaid, the Liquidator may agree to the variation of any contracts of insurance in existence at the commencement of the winding-up but shall not affect any new contracts of insurance. 37 (3) If the Liquidator is satisfied that the interests of the creditors in respect of liabilities of the registered insurer attributable to its long-term business require the appointment of a special manager of the registered insurer’s long-term business, he may apply to the Court, and the Court may on such application appoint a special manager to act during such time as the Court may direct, with such power as may be granted to him by the Court. (4) A special manager appointed under sub-section (3) shall– (a) give such security and account in such manner as the Court may direct; and (b) receive such remuneration as may be fixed by the Court. (5) The Court may, if it thinks fit and subject to such conditions (if any) as it may determine, reduce the amount of the contracts made by the registered insurer in the course of carrying on its long-term business. (6) The Court may, on the application of the Liquidator, or a special manager appointed under sub-section (3), or the Supervisor, appoint an independent actuary to investigate the long-term business of such company and to report to the Liquidator, the special manager or the Supervisor, as the case may be, on the desirability or otherwise of that business being continued and on any reduction in the contracts made in the course of carrying on that business that may be necessary for its successful continuation.