In the winding up of an insurance company for the purposes of a
cash distribution of the assets and in the insolvency of any other insurer the liquidator or assignee as the
case may be in the case of all persons appearing by the books of the company or other insurer to be
entitled to or interested in the policies granted by the company or other insurer shall ascertain the value of
the liability of the company or other insurer to each such person and shall give notice of such value to
those persons in such manner as the 1[Tribunal] may direct and any person to whom notice is so given
shall be bound by the value so ascertained unless he gives notice of his intention to dispute such value in
such manner and within such time as may be specified by a rule or order of the 1[Tribunal].
1. Subs. by Act 11 of 2003, s. 133 and the Schedule (serial no. 7), for "Court" (w.e.f. 1-4-2003).