Declaration of defaulting insurers

In force

(1)

If the Minister is satisfied that a licensed insurer or former licensed insurer is unable to meet claims and other liabilities under policies of insurance issued or renewed by it, the Minister may, by order in writing, declare that the insurer is a defaulting insurer for the purposes of this Division.

(2)

An insolvent insurer may not be declared to be a defaulting insurer and the declaration of a defaulting insurer ceases to have effect if the insurer is or becomes an insolvent insurer.

(3)

(Repealed)

This Act’s bill:Explanatory memorandum

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224B Declaration of defaulting insurers