Intellectual Property Rights from Publicly Financed Research and
R 385
Insurance Act, 2017 (Act No. 18 of 2017)Chapter 10 : Administration of ActPart 2 : Powers and functions of Prudential Authority67. Unlicensed insurance business |
| (1) | If a person contravened or is contravening section 5(1) of this Act, the Prudential Authority, in addition to any other action that the Prudential Authority may take under this Act or the Financial Sector Regulation Act, may— |
| (a) | direct that person to make arrangements satisfactory to the Prudential Authority to discharge all or any part of the obligations under insurance policies entered into or purported to be entered into by that person; or |
| (b) | apply to the court for the sequestration or liquidation of that person, whether he, she or it is solvent or not, in accordance with the Insolvency Act, 1936 (Act No. 24 of 1936), the Companies Act, the Co-operatives Act or the law under which that person is established or incorporated. |
| (2) | In deciding an application contemplated in paragraph (1)(b), the court— |
| (a) | may take into account whether the sequestration or liquidation of the person concerned would be in the interests of the policyholders concerned; |
| (b) | may make an order concerning the manner in which claims may be proven by policyholders; and |
| (c) | must appoint as trustee or liquidator a person nominated by the Prudential Authority. |
