63.
| (1) The District Court or a Winding-up Tribunal may order the winding up of any insurance company in accordance with the Companies Ordinance and the provisions of that Ordinance shall, subject to the provisions of this Part of this Act, apply accordingly. |
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| (2) The District Court or a Winding-up Tribunal may order the winding up of an insurer-
| | (a) if a petition in that behalf is presented by not less than fifty holders of policies of life assurance issued by that insurer and which have been in force for not less than three years and which will on maturity be of the total value of not less than fifty thousand rupees; or | | |
| | (b) if the Controller, who is hereby authorized to do so applies in that behalf to the District Court or to a Winding-up Tribunal on any of the following grounds, namely: -
| | | (i) that the insurer has failed to comply with the provisions of section 12 and of section 44; |
| (ii) that the insurer having failed to comply with any requirement of this Act has continued such failure, or having contravened any provisions of this Act, has continued such contravention, for a period of three months after notice of such failure or contravention has been conveyed to the insurer by the Controller; |
| (iii) that it appears from the returns furnished under the provisions of this Act or from the results of any investigation made thereunder that the insurer is insolvent; or |
| (iv) that the continuance of the insurer is prejudicial to the interests of the policy holders. |
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| (3) Where any petition under paragraph (a) of subsection (2) is found to have been made frivolously or vexatiously, the District Court or Winding-up Tribunal may make order for the payment by the petitioners of the costs and expenses actually and reasonably incurred by the insurer in consequence of the petition and in the proceedings thereon. |
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Sri Lanka Consolidated Acts