Section 44: Application for order for revocation of certificate of insurance institution.

Notwithstanding, anything contained in any law or Memorandum and Articles of Association or other agreement of the insurance institution, where the Commission or an appointed person has, pursuant to an order under section 42 of this Act, assumed control of an insurance institution whose paid-up capital is lost or unrepresented by available assets, the Commission may, with the approval of the Minister, apply to the President for the revocation of the licence of the insurance institution concerned.