Implementation of Geneva Conventions Act, 2012
R 385
Insurance Act, 2017 (Act No. 18 of 2017)Chapter 9 : ResolutionPart 1 : Statutory management53. Appointment of statutory manager |
| (1) | Despite any other law, the Prudential Authority may appoint a statutory manager in terms of section 5A of the Financial Institutions (Protection of Funds) Act in respect of any insurer or controlling company. |
| (2) | If a statutory manager is appointed under this section, no business rescue or winding-up proceedings referred to in this Chapter may be commenced in respect of an insurer or a controlling company until the appointment of the statutory manager is terminated. |
