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Chapter Six: Liquidation of Insurance Business
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63. (a) An Insurer who has resolved upon its winding-up or the liquidation of its Insurance business, generally or in respect of a particular branch of Insurance, will notify the Commissioner of such decision without delay.
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Voluntary Liquidation |
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(b) The Commissioner may, if he deems it necessary in order to safeguard the interests of the Insureds -
(1) direct the Insurer to act in a particular way in liquidating the business;
(2) apply to the court for an order that the winding-up will be done by, or under the supervision of, the Court.
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64. (a) An Insurer whose licence has been canceled will liquidate its Insurance business in Israel in the branch regarding which the canceled licence relates. (b) The Commissioner may, if he deems it necessary so to do in order to safeguard the interests of the Insureds, direct an Insurer whose licence has been canceled to act in a particular way in liquidating the business.
(c) Where an Insurer whose licence has been canceled does not liquidate its business within a reasonable time, the court may, on the application of the Commissioner, appoint a receiver for the whole or part of the Insurer's property or order that the Insurer be wound up.
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Liquidation Following Cancellation of Licence |
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