sec.73Power of Supreme Court to deal with licensed insurers

### sec.73 Power of Supreme Court to deal with licensed insurers If the Supreme Court is satisfied, on application by the commission, that a licensed insurer or former licensed insurer— may not be able to meet the insurer’s liabilities under CTP insurance policies; or has acted in a way prejudicial to the interests of persons insured under CTP insurance policies; the Supreme Court may make orders that it considers necessary or desirable to protect the statutory insurance scheme and to ensure, as far as practicable, that the insurer properly discharges its obligations under the statutory insurance scheme. The Supreme Court may, for example, make orders (including interim orders that are to apply pending the final determination of the application)— regulating the administration and payment of claims under CTP insurance policies; or prohibiting or regulating any transfer or disposal of, or dealing in, assets; or requiring the licensed insurer or former licensed insurer to discharge liabilities under CTP insurance policies out of its assets or the assets of a related body corporate; or appointing a receiver or receiver and manager, with the powers that the court directs, of property or part of the property of the licensed insurer or former licensed insurer or a related body corporate. The Supreme Court may not require the commission to give an undertaking about damages as a condition of granting an interim order. On the application of any interested person, the Supreme Court may amend or revoke an order under this section. The powers conferred on the Supreme Court under this section are not to be exercised in relation to a body corporate that is being wound up. (sec.73-ssec.1) If the Supreme Court is satisfied, on application by the commission, that a licensed insurer or former licensed insurer— may not be able to meet the insurer’s liabilities under CTP insurance policies; or has acted in a way prejudicial to the interests of persons insured under CTP insurance policies; the Supreme Court may make orders that it considers necessary or desirable to protect the statutory insurance scheme and to ensure, as far as practicable, that the insurer properly discharges its obligations under the statutory insurance scheme. (sec.73-ssec.2) The Supreme Court may, for example, make orders (including interim orders that are to apply pending the final determination of the application)— regulating the administration and payment of claims under CTP insurance policies; or prohibiting or regulating any transfer or disposal of, or dealing in, assets; or requiring the licensed insurer or former licensed insurer to discharge liabilities under CTP insurance policies out of its assets or the assets of a related body corporate; or appointing a receiver or receiver and manager, with the powers that the court directs, of property or part of the property of the licensed insurer or former licensed insurer or a related body corporate. (sec.73-ssec.3) The Supreme Court may not require the commission to give an undertaking about damages as a condition of granting an interim order. (sec.73-ssec.4) On the application of any interested person, the Supreme Court may amend or revoke an order under this section. (sec.73-ssec.5) The powers conferred on the Supreme Court under this section are not to be exercised in relation to a body corporate that is being wound up. - (a) may not be able to meet the insurer’s liabilities under CTP insurance policies; or - (b) has acted in a way prejudicial to the interests of persons insured under CTP insurance policies; - (a) regulating the administration and payment of claims under CTP insurance policies; or - (b) prohibiting or regulating any transfer or disposal of, or dealing in, assets; or - (c) requiring the licensed insurer or former licensed insurer to discharge liabilities under CTP insurance policies out of its assets or the assets of a related body corporate; or - (d) appointing a receiver or receiver and manager, with the powers that the court directs, of property or part of the property of the licensed insurer or former licensed insurer or a related body corporate.