S.L. 386.10 Art. 17Ceasing,run-offor servicing and winding up of cells.

(1) In the event of the ceasing of a cell, the run-off or servicing of a cell; and the winding up of a cell, the prior consent of the competent authority, given in writing, shall be required.

(2) For the purpose of this regulation, the competent authority may, by Insurance Rules, determine the procedure to be adopted for the ceasing, run-off or servicing and winding up of a cell.

(3) Where the cell company informs the competent authority that one of its cells intends to cease to carry on business, the said cell company shall deliver to the Registrar for registration, a notice in accordance with Schedule II informing the Registrar that one of its cells shall be wound up, together with a confirmation of solvency or insolvency of such cell.