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Winding-up or Liquidation
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[QUOTE="Mataracy, post: 149029, member: 28733"] 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. [/QUOTE]
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