Insurance Act, 2017 (Act No. 18 of 2017)

Chapter 9 : Resolution

Part 1 : Statutory management

53. Appointment of statutory manager
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(1) Despite any other law, the Prudential Authority may appoint a statutory manager in terms of section 5A of the Financial Institutions (Protection of Funds) Act in respect of any insurer or controlling company.

 

(2) If a statutory manager is appointed under this section, no business rescue or winding-up proceedings referred to in this Chapter may be commenced in respect of an insurer or a controlling company until the appointment of the statutory manager is terminated.