The Insurance Act

When Administrator for management of insurance business may be appointed

Powers and duties of the Administrator

Powers of Administrator respecting property liable to attachment under section 106

Cancellation of contracts and agreements

Termination of appointment of Administrator

Finality of decision appointing Administrator

Penalty for withholding documents or property from Administrator

Protection of action taken under sections 52A to 52D


MANAGEMENT BY ADMINISTRATOR


The Administrator may, at any time during the
continuance of his appointment with respect to an insurer and after giving an opportunity to the persons
concerned to be heard, cancel or vary (either unconditionally or subject to such conditions as he thinks fit
to impose) any contract or agreement (other than a policy) between the insurer and any other person
which the Administrator is satisfied is prejudicial to the interest of holders of life insurance policies.

LAWGIST

# 52C Cancellation of contracts and agreements