Mataracy
VIP Contributor
The insurance Commissioner not only officiates at the birth and growth of an insurer but also at its demise if necessary.
An insurer may be liquidated for a number of reasons, including financial insolvency.
Some liquidations may be voluntary in nature in order to effect a corporate reorganization, merger.
Reinsurance of all outstanding liabilities and contracts may be achieved so that no loss results to policyholders.
A petition for the winding-up of an insurer may be presented to the court either, by policyholders or by the insurance commission. In the first instance, policyholders numbering not less than 50, each of whom holds a policy that has been in force for not less than 3years, on the company to be wound-up.
Your own idea about winding -up or Liquidation is welcome.
An insurer may be liquidated for a number of reasons, including financial insolvency.
Some liquidations may be voluntary in nature in order to effect a corporate reorganization, merger.
Reinsurance of all outstanding liabilities and contracts may be achieved so that no loss results to policyholders.
A petition for the winding-up of an insurer may be presented to the court either, by policyholders or by the insurance commission. In the first instance, policyholders numbering not less than 50, each of whom holds a policy that has been in force for not less than 3years, on the company to be wound-up.
Your own idea about winding -up or Liquidation is welcome.