Part 1 — Licensing of Insurers and Reciprocal Insurance Exchanges Subpart 1 Licensing of Insurers Insurer's Duty to be Licensed
57 Provisional liquidator
charge of the affairs of a provincial company if
(a) the company fails to renew its licence without complying
with section 31,
(b) the company's application to renew its licence is refused, or
(c) the company's licence is can celled in circumstances other
than those set out in section 53.
(2) Until a permanent liquidator is appointed by the Court, the
provisional liquidator has all of the powers of the insurer, and none
of the officers or directors of the provincial company may enter
into a contract or incur any liability on behalf of the company
without the approval of the provisional liquidator.
(3) A provisional liquidator of a provincial company must apply to
the Court under section 190 for an order winding up the company.
(4) Despite subsection (3), a provisional liquidator of a provincial
company may, with the approval of the Court, sell the business of
the company as a going concern.
1999 cI-5.1 s57