Lawgist60Notice of policy values
In the winding up of an insurance company for the purposes of a cash distribution of the assets and in the insolvency of any other insurer the liquidator or assignee as the case may be in the case of all persons appearing by the books of the company or other insurer to be entitled to or interested in the policies granted by the company or other insurer shall ascertain the value of the liability of the company or other insurer to each such person and shall give notice of such value to those persons in such manner as the 1[Tribunal] may direct and any person to whom notice is so given shall be bound by the value so ascertained unless he gives notice of his intention to dispute such value in such manner and within such time as may be specified by a rule or order of the 1[Tribunal].
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1. Subs. by Act 11 of 2003, s. 133 and the Schedule (serial no. 7), for "Court" (w.e.f. 1-4-2003).
- 53 Winding up by the Court
- 53A Unpaid-up share capital
- 54 Voluntary winding up
- 55 Valuation of liabilities
- 56 Application of surplus assets of life insurance fund in liquidation or insolvency
- 57 Winding up of secondary companies
- 58 Schemes for partial winding up of insurance companies
- 59 [Omitted.]
- 60 Notice of policy values
- 61 Power of Court to reduce contracts of insurance
- 61A Appeal to National Company Law Appellate Tribunal
