191Power of Supreme Court to deal with insurers or former insurers unable to meet liabilities etc

#### 191 Power of Supreme Court to deal with insurers or former insurers unable to meet liabilities etc 191 Power of Supreme Court to deal with insurers or former insurers unable to meet liabilities etc > > (1) The Supreme Court may, on the application of the Authority, make such orders as the Supreme Court considers necessary or desirable for the purpose of protecting the interests of— > > > > > (a) the holders of policies of insurance issued or renewed by a licensed insurer or a former licensed insurer (whether before or after the commencement of this section), and > > > > > (b) the workers to whom those policies apply. > > > (2) The Supreme Court may make such an order if it is satisfied that the licensed insurer or former licensed insurer— > > > > > (a) is not able to meet the insurer’s liabilities under the policies of insurance or may not be able to do so, or > > > > > (b) has acted or may act in a manner that is prejudicial to the interests of the holders of the policies of insurance or the workers to whom those policies apply. > > > (3) Without limiting the generality of subsection (1), the Supreme Court may make the following orders— > > > > > (a) an order regulating the administration and payment of claims under the policies of insurance, > > > > > (b) an order prohibiting or regulating the transfer or disposal of, or other dealing in, the assets of the licensed insurer or former licensed insurer, > > > > > (c) if the licensed insurer or former licensed insurer is a corporation—an order requiring it to discharge its liabilities under the policies of insurance out of the assets of the corporation and the assets of any related corporation, > > > > > (d) if the licensed insurer or former licensed insurer is a corporation—an order appointing a receiver or receiver and manager, having such powers as the Supreme Court orders, of the property or of part of the property of the corporation or of any related corporation. > > > (4) If an application is made to the Supreme Court for an order under subsection (1), the Supreme Court may, if in its opinion it is desirable to do so, before considering the application, grant an interim order, being an order of the kind applied for that is expressed to have effect pending the determination of the application. > > > (5) If an application is made to the Supreme Court for an order under subsection (1), the Supreme Court shall not require the Authority or any other person, as a condition of granting an interim order, to give any undertaking as to damages. > > > (6) If the Supreme Court has made an order under this section, the Supreme Court may, on application by the Authority or by any person affected by the order, make a further order rescinding or varying the firstmentioned order. > > > (7) A person shall not contravene, whether by act or omission, an order made by the Supreme Court under this section that is applicable to the person. > > > > Maximum penalty—20 penalty units or imprisonment for 6 months, or both. > > > (8) The Supreme Court shall not exercise its powers under this section in respect of a corporation which is in the course of being wound up. > > > (9) The powers of the Supreme Court under this section are in addition to any other powers of the Supreme Court. > > > (10) (Repealed) > > **s 191:** Am 1993 No 47, Sch 1; 1994 No 10, Sch 4 (11).