Lawgist61Power of Court to reduce contracts of insurance
61. Power of 1[Tribunal] to reduce contracts of insurance. --(1) Where an insurance company is in liquidation or any other insurer is insolvent the 1[Tribunal] may make an order reducing the amount of the insurance contracts of the company or other insurer upon such terms and subject to such conditions as the 1[Tribunal] thinks just.
(2) Where a company carrying on the business of life insurance has been proved to be insolvent, the 1[Tribunal] may if it thinks fit in place of making a winding up order reduce the amount of the insurance contracts of the company upon such terms and subject to such conditions as the 1[Tribunal] thinks fit.
(3) Application for an order under this section may be made either by the liquidator or by or on behalf of the company or by a policy-holder, or by the 2[Authority] and by any person whom the 1[Tribunal] thinks likely to be affected shall be entitled to be heard on any such application.
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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).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).
- 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
