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  • Insolvency, Bankruptcy and Winding Up

    • BR-2.2.11

      Except in instances where the CBB has initiated the following actions, an insurance licensee must notify the CBB immediately of any of the following events:

      (a) The calling of a meeting to consider a resolution for winding up the insurance licensee, a controller or close link, including a parent undertaking of the insurance licensee;
      (b) An application to dissolve the insurance licensee, a controller or close link, including a parent undertaking of the insurance licensee or to strike the insurance licensee off the Register of Insurance Companies;
      (c) The presentation of a petition for the winding up of the insurance licensee, a controller or close link, including a parent undertaking of the insurance licensee;
      (d) The making of any proposals for the making of a composition or arrangement with any one or more of the insurance licensee's creditors;
      (e) An application for the appointment of an administrator or trustee in bankruptcy to the insurance licensee, a controller or close link, including a parent undertaking of the insurance licensee;
      (f) The appointment of a receiver to the insurance licensee, a controller or close link, including a parent undertaking of the insurance licensee (whether an administrative receiver or a receiver appointed over particular property); or
      (g) An application for an interim order against the insurance licensee, a controller or close link, including a parent undertaking of the insurance licensee under the Bankruptcy and Composition Law, Decree Law No (11), 1987 or similar legislation in another jurisdiction.
      Amended: April 2010
      Amended: January 2007