(1) Subject to subsection (2) and to section 38, the Registrar may at any time intervene in the affairs of a company registered under this Act to carry on insurance business.
(2) The power of intervention conferred by subsection (1) shall be exercisable where the Registrar is satisfied that—
(a) the exercise of the power is essential in order to protect policy holders or potential policy holders of the company against the risk of the company's inability to meet its liabilities or, where a company is carrying on long-term insurance business, to fulfil the reasonable expectations of policy holders or potential policy holders;
(b) the company has failed to satisfy any obligation imposed on it by this Act;
(c) the company has furnished misleading or inaccurate information to the Registrar under or for the purposes of this Act;
(d) adequate arrangements have not been or will not be made for the reinsurance of risks against which persons are insured by the insurer and in respect of which he or she considers such arrangements to be necessary;
(e) an application for registration would be refused if such an application were made at the time of the proposed intervention;
(f) a company is deemed to be insolvent in accordance with section 34; or
(g) after liability has been established that there has been unreasonable delay in the settlement of claims under policies issued by the company.