Section 33. Confirmation of schemes. (INSURANCE ACT, 1963

(P.M. ACT 1 OF 1963)
INSURANCE ACT, 1963

PART III - RETURNS, INVESTIGATIONS, WINDING UP AND TRANSFERS OF BUSINESS
Transfers of business

Section 33. Confirmation of schemes.

(1) Before an application is made to the High Court for confirmation of a scheme under section 32-

(a)

a copy of the scheme shall be lodged with the Commissioner together with copies of the actuarial and other reports (if any) upon which the scheme is founded; and

(b)

not earlier than one month after the copy is so lodged notice of the intention to make the application (containing such particulars as are prescribed) shall be published in the

Gazette

and in not less than two newspapers approved by the Commissioner; and

(c)

for a period of fifteen days after the publication of the notice a copy of the scheme shall be kept at each office in the Federation of every insurer concerned, and shall be open to inspection by all members and policy owners of such an insurer who are affected by the scheme.

(2) The Commissioner may cause a report on the scheme to be made by a qualified actuary independent of the parties to the scheme and, if he does so, shall cause a copy of the report to be sent to each of the insurers concerned.

(3) Copies of the scheme and any such report as is mentioned in paragraph (a) of sub-section (1) or in subsection (2), or summaries approved by the Commissioner of the scheme and any such report:, shall, except in so far as the High Court upon application made in that behalf otherwise directs, be transmitted by the insurers concerned, at least fifteen days before application is made for confirmaion of the scheme, to every policy owner affected by the scheme.

(4) An application to the Court with respect to any matter connected with the scheme may, at any time before confirmation by the Court, be made by the Commissioner or by any person who in the opinion of the Court is likely to be affected by the scheme.

(5) The Court may confirm the scheme without modification or subject to modifications greed to by the insurers concerned, or may refuse to confirm the scheme.

(6) The insurers concerned shall be jointly and severally liable to reimburse to the Comissioner any expenses incurred by him under this section in connection with any scheme or proposed scheme (subject to any order of the Court as to costs); and a scheme shall include provision as to how that liability is, as between the insurers, to be borne.