Insurance Act 1966 · 2020 Revised Edition · Part 3 · Returns, Inspections and Investigations, Winding Up and Transfers of Business
104. Duration of control
Feedback & supportLast amended by an amending law of 2013. 2 amendments in all.
The Authority must cease to be in control of the relevant business of a licensed insurer when the Authority is satisfied that the reasons for its assumption of control of the relevant business have ceased to exist or that it is no longer necessary for the protection of the policy owners of the licensed insurer.
A statutory manager is deemed to have assumed control of the relevant business of a licensed insurer on the date of his or her appointment as a statutory manager.
statutory manager
“statutory manager” means a statutory manager appointed under section 102.[41F
The appointment of a statutory manager in relation to the relevant business of a licensed insurer may be revoked by the Authority at any time —
relevant business
“relevant business” means any business of a licensed insurer —(a)which the Authority has assumed control of under section 102; or(b)in relation to which a statutory manager has been appointed under section 102;
if the Authority is satisfied that the reasons for the appointment have ceased to exist or that it is no longer necessary for the protection of the policy owners of the licensed insurer; or
on any other ground,and upon such revocation, the statutory manager ceases to be in control of the relevant business of the licensed insurer.
The Authority must publish in the Gazette the date, and any other particulars that it thinks fit, of —
its assumption of control of the relevant business of a licensed insurer;
the cessation of its control of the relevant business of a licensed insurer;
the appointment of a statutory manager in relation to the relevant business of a licensed insurer; and
the revocation of a statutory manager’s appointment in relation to the relevant business of a licensed insurer.[41B