Judicial management of a general insurer Sample Clauses

Judicial management of a general insurer. Amendments made to the Insurance Act enable a judicial manager to take control of a general xxxxxxx’s property for the benefit of that general insurer’s creditors. Previously, judicial management was a process available for life insurance companies, not general insurance companies. The process which has been added for general insurers is broadly modelled on the judicial management arrangements in place for life insurance companies, as summarised in paragraph [VI.1] of our Netting Opinion. As is the case with life insurance companies, a judicial manager may be appointed to a general insurer in a range of circumstances not limited to insolvency. We consider that judicial management under the Insurance Act falls within paragraph (c) of the definition ofexternal administration” under the Netting Act (as described in paragraph 1(a)(A) of this opinion) if the judicial manager takes such control because the general insurer is, or is likely to become, insolvent.
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Related to Judicial management of a general insurer

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