Section 109: Provisions to be made in Case improvement Not Achieved in the Condition of the Insurer

If it is felt that improvement is not achieved in the condition of the Insurer taken under the control by the Special Administration Team, it may take the following actions:

(a) To transfer the forfeited shares by selling the same in auction within the time prescribed,

(b) To recommend to the Authority to merge the insurer into another insurer within the time prescribed,

(c) To recommend to the Authority to cancel the license of the insurer by handing over the insurance business of another insurer,

(d) To recommend to the Authority to make improvements in the condition of the insurer pursuant to Section 110,

(e) To recommend to the Authority to initiate the process of insolvency of the insurer.