Section 69, The Insurance Act, 2016

The Minister may by Statutory Instrument make rulesdetermining- (a) the extent to which the rules made under the Companies Act shall apply to the winding up of insurance companies; 44 45 Margin of solvency Winding-up Voluntary winding-up Rules relating to winding-up. (b) the manner in which the assets and liabilities of an insurance business which is being wound up shall be determined; (c) the manner in which the interest of holders of life insurance policies and long term insurance policies shall be safeguarded incase the insurance business being wound up carries on life insurance business along with other classes of insurance business; (d) the manner in which the insurer, may carry on business with reduced contracts if the Commission is of the view that continuation of the business of the insurer is more equitable to the policy-holders than winding up; (e) the manner in which the insurance business being wound up may be amalgamated with any other insurer or his business may be transferred to any other insurer.