Section 64, The Insurance Act, 2000

The Minister may by statutory instrument make rules determining— [Margin: Rules relating to winding-up.] (a) the extent to which the rules made under section 278 of the Companies Act, shall apply to the winding up of insurance companies; [Margin: Cap. 249.] (b) the manner in which the assets and liabilities of an insurer who 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 in case the insurer being wound up carries on life insurance business along with other classes of insurance business; (d) th 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 insurer being wound up may be amalgamated with any other insurer or his business may be transferred to any other insurer. No. 5 Insurance Act 2000 39