Section 47: Merger of failing insurance institutions.

Subject to the approval of the Minister, the Commission shall have power, notwithstanding the provisions of sections 44, 45 or 46 of this Act, to direct that-(a) a failing insurance institution shall merge or consolidate with any other insurance institution, subject to such conditions as it may deem fit to impose;
(b) an insurance institution merged or consolidated with a failing insurance institution shall settle the financial liabilities of the failing insurance institution;
(c) any asset of the failing insurance institution shall be transferred to and be vested in the insurance institution concerned with the merger or consolidation.