69.
| (1) Where an insurer is in liquidation, the District Court or Winding-up Tribunal may make an order reducing the amounts payable in respect of the insurance contracts of the insurer upon such terms and subject to such conditions as the District Court or Winding-up Tribunal thinks just. |
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| (2) Where an insurer carrying on the business of life assurance has been proved to be insolvent, the District Court or Winding-up Tribunal may, if it thinks fit, in place of making a winding-up order reduce the amounts payable in respect of the insurance contracts of the insurer upon such terms and subject to such conditions as the District Court or Winding-up Tribunal thinks just, |
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| (3) Application for an order under this section may be made either by the liquidator or by or on behalf of the insurer or by a policy holder or by the Controller; and the Controller and any person whom the District Court or Winding-up Tribunal thinks likely to be affected shall be entitled to be heard on any such application. |
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Sri Lanka Consolidated Acts