(1) An incorporated cell company may apply to the Director to cancel the registration of an incorporated cell that has ceased to carry on international insurance business and shall produce evidence that the incorporated cell has paid all amounts owing by it in a manner satisfactory to the Director.
(2) An incorporated cell company may apply to the Director to cancel the registration of an incorporated cell that is being wound-up voluntarily and shall produce evidence that the incorporated cell is solvent and able forthwith to repay all amounts owing by it and that the incorporated cell has provided for amounts that may be owing by it in the future in a manner satisfactory to the Director.
(3) Where the Director cancels the registration of an incorporated cell pursuant to an application made under subsection (1), the Director shall direct that the incorporated cell be wound-up and the provisions of the International Business Companies Act relating to the winding-up of a company apply.
(4) Where an application is made pursuant to subsection (2), the Minister may apply to the Court for the incorporated cell to be wound-up either by that court or subject to its supervision, and on the making of such an order, the provisions of the provisions of the International Business Companies Act relating to the winding-up of a company, by the Court or subject to the supervision of the Court apply with the necessary changes.
(Inserted by Act 44 of 2006)