Section 67, The Insurance Act, 2016

The Commissioner may apply to the Court for the windingup of any insurance business on the following grounds– (a) that a period of more than six months has elapsed since the cancellation of the insurer’s registration; (b) that it appears from the returns furnished under this Act or from the results of any investigation made under it that the company is insolvent; (c) that the insurer is deemed to be insolvent under section 66; or (d) that the continuance of the company is prejudicial to the interest of policy-holders.