Section 117: Liquidation of Insurance Company

1) No insurer shall be liquidated notwithstanding anything contained elsewhere in the prevailing laws.

2) If any insurer desires to be liquidated, an application including an action plan of voluntary liquidation shall be submitted to the Authority having a decision made from the General meeting.

3) On receipt of a request from an insurer pursuant to sub-section (2), the Authority may grant approval to proceed with the liquidation process prescribing the conditions if the Authority is convinced that the insurer is able to pay its entire liabilities while making an investigation upon the application of the insurer.