Section 48: Prosecution of failing or failed insurer.

Without prejudice to such actions as the Commission may undertake in order to deal with a failing or failed insurer as set out under the provisions of Part VII of this Act, the Commission may in such circumstance as it deems appropriate, with the prior approval of the Minister, refer such failing or failed insurer and any persons connected therewith to be prosecuted under the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act.