Section 115: The Authority may give directions to merge or to be amalgamated

1) The Authority may issue direction to any insurer to merge with another insurer or to be amalgamated, prescribing the period in the following conditions:

(a) Recommendation made by the Special Administration Team to the Authority pursuant to clause (b) of Section 109 to merge insurer with other insurer, or

(b) If any director or promoter of the insurer has a financial, professional or personal interest, directly or indirectly, in another insurer.

2) In case of direction provided as in accordance with sub-section (1), the insurer shall submit a merger proposal to the Authority within the prescribed period for the approval and the insurer shall be merged with another insurer after receiving approval from the Authority.