Section 83: Continuation of life insurance business of insurer in liquidation.

(1) This section has effect in relation to the winding-up of an insurer, carrying on life insurance business.
(2) The Commission or receiver or liquidator appointed for the winding-up shall, unless the Court otherwise orders, carry on the life insurance business of the insurer with a view to its being transferred as a going concern to another reinsurers, whether an existing insurer or an insurer registered for that purpose.
(3) In carrying on the business as specified in subsection (2) of this section, the liquidator may agree to the variation of any contract of insurance in existence when the winding-up order is made but shall not affect new contracts of insurance.
(4) The Court may, if it thinks fit and subject to such conditions (if any) as it may determine, reduce the amount of the contracts made by the insurer in the course of carrying on life insurance business.
(5) The Commission or the Court may at any time on the application of the liquidator, appoint an independent actuary to investigate the life insurance business of the insurer.
(6) The actuary shall report to the authority by whom he was appointed under subsection (5) of this section, as the case may require, on the desirability or otherwise of the life insurance business being continued and on any reduction in the contracts made in the course of carrying on that business that may be necessary for its successful continuation.
(7) The Commission or the liquidator may petition the Court in the name or on behalf of the insurer under section 32 of this Act.