Section 46: Application to the Federal High Court for winding up.

(1) Where the Commission makes an order revoking the certificate of registration of an insurance institution and requiring the business of the insurance institution to be wound up, the insurance institution shall within 14 days of the date of the order, apply to the Court for an order winding up the affairs of the insurance institution and the Court shall hear the application in priority to all other matters.
(2) If the insurance institution fails to apply to the Court within the period specified in subsection (1) of this section, the Commission may apply to the court for the winding up of the insurance institution.