414Court orders to protect policy holders

414 Court orders to protect policy holders (1) The Supreme Court may, on the application of the MAI commission, make any order the court considers necessary or desirable to protect the interests of the holders of MAI policies issued by a licensed Note Licensed insurer includes a former licensed insurer (see s (6)). (2) However, the court may make an order for a licensed insurer only if— (a) satisfied that the insurer— (i) is not, or may not be, able to meet the insurer’s liabilities under the MAI policies; or (ii) has acted, or may act, in a way that is prejudicial to the interests of the holders of the MAI policies; and (b) the insurer is not a corporation that is in the course of being wound up. (3) Without limiting subsection (1), the court may make the following orders: (a) an order regulating the administration and payment of defined benefits and motor accident claims under the MAI policies; (b) an order prohibiting or regulating the transfer or disposal of, or other dealing in, the assets of the licensed insurer;

(c) an order requiring the licensed insurer to discharge its liabilities under the MAI policies out of its assets and the assets of any related body corporate; (d) an order appointing a receiver or receiver and manager, having the powers that the court orders, of the property or part of the property of the licensed insurer or of any related body corporate. (4) If the Supreme Court makes an order under this section, the court may, on application by the MAI commission or anyone else affected by the order, make another order revoking or amending the order. (5) To remove any doubt, the powers of the Supreme Court under this section are in addition to any other powers of the Supreme Court.