Insurance Act, 1989
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Administrator's power of sale. |
33.—(1) It is hereby declared for the avoidance of doubt that an administrator appointed under section 2 of the Insurance (No. 2) Act, 1983 , shall have, and shall be deemed always to have had, power to dispose of all or any part of the business, undertaking or assets of the insurer and to carry on any remaining business including the settlement of liabilities, with a view to the orderly completion of the administration. | |
(2) Where any such administrator appointed prior to the commencement of this Act has disposed of all or any part of the business, undertaking or assets of an insurer, there may, with the approval of the High Court, be paid out of the Fund to the administrator such amounts as are, in the opinion of the High Court, required to enable the administrator to continue the administration with a view to its completion in an orderly manner. |