Section 37: May order capital reduction

1) Notwithstanding anything in the prevailing laws, the Authority may order the insurer’s paid-up capital reduced under the following circumstances.

(a) If the license of any insurance business (portfolio) that the insurer had been carrying out has been cancelled.

(b)  If the insurer is rendered problematic pursuant to Section 101.

2) The paid-up capital of the insurer shall not be decreased below the limit prescribed by sub-section (1) of section 36.