Insurance Act 1966 · 2020 Revised Edition · Part 3 · Returns, Inspections and Investigations, Winding Up and Transfers of Business
107. Moratorium
Feedback & supportLast amended by an amending law of 2021. 4 amendments in all.
The General Division of the High Court may, on the application of the Authority, if it considers it to be in the interests of the policy owners of a licensed insurer, make one or more of the following orders:
that no resolution may be passed, and no order may be made, for the winding up of the licensed insurer;
that no proceedings may be commenced or continued by or against the licensed insurer in respect of any business of the licensed insurer;
that no enforcement order, distress or other legal process may be commenced, levied or continued against any property of the licensed insurer;
that no steps may be taken to enforce any security over any property of the licensed insurer or to repossess from the licensed insurer any goods under any hire‑purchase agreement, chattels leasing agreement or retention of title agreement;
that no steps may be taken by any person, other than a person specified in the order, to sell, transfer, assign or otherwise dispose of any property of the licensed insurer.
Any sale, transfer, assignment or other disposition of any property of the licensed insurer in contravention of any order made under subsection (1)(e) is void.
property
“property” includes property, right and power of every description;
Any order made under subsection (1) is valid for a period not exceeding 6 months.[41E