52B. Powers and duties of the Administrator.-

(1) The Administrator shall conduct the management of the business of the insurer with the greatest economy compatible with efficiency and shall, as soon as may be possible, file with the 8[Authority] a report stating which of the following courses is in the circumstances most advantageous to the general interests of the holders of life insurance policies, namely:-

(a) the transfer of the business of the insurer to some other insurer;

(b) the carrying on of its business by the insurer (whether with the policies of the business continued for the original, sum insured with the addition of bonuses that attach to the policies or for reduced amounts);

(c) the winding up of the insurer; and

(d) such other course as he deems advisable.

(2) On the filing of the report with the 1[Authority], the 1[Authority] may take such action as he thinks fit for promoting the interests of the holders of life insurance policies in general.

(3) Any order passed by the 1[Authority] under sub-section (2) shall be binding on all persons concerned, and shall have effect notwithstanding anything in the memorandum or articles of association of the insurer, of a company.

1. Subs. by Act 42 of 2002, s. 12, for the second proviso (w.e.f. 23-9-2002).

2. Ins. by Act 47 of 1950, s. 41 (w.e.f. 1-6-1950).

3. Subs. by Act 42 of 2002, s. 12, for "paragraph 8(1) of the abstract prepared in accordance with Part II of the Fourth Schedule

to this Act" (w.e.f. 23-9-2002).

4. Subs. by Act 11 of 1939, s. 20, for "within three months of the lapsing of policy of life insurance".

5. Added by Act 13 of 1941, s. 35 (w.e.f. 8-4-1941).

6. Subs. by Act 5 of 2015, s. 59, for sections 52 and 52A (w.e.f. 26-12-2014).

7. Ins. by Act 47 of 1950, s. 42 (w.e.f. 1-6-1950).

8. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).

Back

Index

Next