Section 82: Appointment of receivers where certificate is cancelled.

(1) In every case where the certification of registration of an insurer, insurance broker or loss adjuster is cancelled under this Act, the Commission may, unless the insurer, broker or loss adjuster is a body corporate being wound up by the Court, appoint a receiver to immediately take charge of its assets and to collect and gather in all other assets due to the insurer, broker or loss adjuster and administer same as expeditiously as possible for the benefit of the policy-holders, clients and creditors thereof or appoint a receiver to act on its behalf.
(2) The Commission or the appointed receiver after his appointment may apply to the Court to wind up the business of the insurer, broker or loss adjuster and, for this purpose, the provisions of the Companies and Allied Matters Act, 1990 relating to winding up of companies by the Court shall, subject to section 91 of this Act apply.
(3) The receiver may, immediately after his appointment freeze the accounts of the insurer, broker or loss adjuster and shall take charge of its management and control.