Section 53 of IA : Section 53: Winding Up By The Court
IA
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Explanation using Example
Imagine a scenario where "SecureLife Insurance Co." has been struggling financially and has repeatedly failed to comply with regulatory requirements set by the insurance authority. Despite receiving a formal notice highlighting these failures, the company has not rectified the issues within three months. Concerned about the potential impact on policyholders and the public, the insurance authority decides to take action.
The ...
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