61. Power of 1[Tribunal] to reduce contracts of insurance. --(1) Where an insurance company is
in liquidation or any other insurer is insolvent the 1[Tribunal] may make an order reducing the amount of
the insurance contracts of the company or other insurer upon such terms and subject to such conditions as
the 1[Tribunal] thinks just.
(2) Where a company carrying on the business of life insurance has been proved to be insolvent, the 1[Tribunal] may if it thinks fit in place of making a winding up order reduce the amount of the insurance contracts of the company upon such terms and subject to such conditions as the 1[Tribunal] thinks fit.
(3) Application for an order under this section may be made either by the liquidator or by or on behalf of the company or by a policy-holder, or by the 2[Authority] and by any person whom the 1[Tribunal] thinks likely to be affected shall be entitled to be heard on any such application.
(2) Where a company carrying on the business of life insurance has been proved to be insolvent, the 1[Tribunal] may if it thinks fit in place of making a winding up order reduce the amount of the insurance contracts of the company upon such terms and subject to such conditions as the 1[Tribunal] thinks fit.
(3) Application for an order under this section may be made either by the liquidator or by or on behalf of the company or by a policy-holder, or by the 2[Authority] and by any person whom the 1[Tribunal] thinks likely to be affected shall be entitled to be heard on any such application.
1. Subs. by Act 11 of 2003, s. 133 and the Schedule (serial no. 7), for "Court" (w.e.f. 1-4-2003).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Controller" (w.e.f. 19-4-2000).