52AWhen Administrator for management of insurance business may be appointed
1[52A. When Administrator for management of insurance business may be appointed. --(1) If at any time the Authority has reason to believe that an insurer carrying on life insurance business is acting in a manner likely to be prejudicial to the interests of holders of life insurance policies, it may, after giving such opportunity to the insurer to be heard appoint an Administrator to manage the affairs of the insurer under the direction and control of the Authority.
(2) The Administrator shall receive such remuneration as the Authority may direct and the Authority may at any time cancel the appointment and appoint some other person as Administrator.]
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1. Ins. by Act 47 of 1950, s. 42 (w.e.f. 1-6-1950).
- 52A When Administrator for management of insurance business may be appointed
- 52B Powers and duties of the Administrator
- 52BB Powers of Administrator respecting property liable to attachment under section 106
- 52C Cancellation of contracts and agreements
- 52D Termination of appointment of Administrator
- 52E Finality of decision appointing Administrator
- 52F Penalty for withholding documents or property from Administrator
- 52G Protection of action taken under sections 52A to 52D