Question

What action can the Authority take after the cancellation of registration if the insurer's affairs are not wound up?

a.

Apply to the court for winding up

b.

Extend the cancellation order

c.

Impose additional penalties

d.

Allow the insurer to continue business

Posted under IC 14 Regulations of Insurance Business

Answer: (a).Apply to the court for winding up Explanation:After the cancellation of registration, the Authority may, after the expiry of six months, apply to the court for an order to wind up the insurance company or to wind up the affairs of the company in respect of a class of insurance business unless the registration has been revived or an application for winding up has already been presented to the court.

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Q. What action can the Authority take after the cancellation of registration if the insurer's affairs are not wound up?
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