Plain language law

New Zealand law explained for everyone

Companies Act 1993

Liquidations - The process of liquidation

240A: Liquidation of licensed insurers

You could also call this:

“Special rules apply when putting a licensed insurer into liquidation”

If you want to put a licensed insurer into liquidation, you need to follow the rules in this part of the Companies Act. However, you also need to look at another part of a different law. This other law is called the Insurance (Prudential Supervision) Act 2010. Specifically, you need to check subpart 3 of Part 4 of that Act. This subpart has some special rules that you need to follow when liquidating a licensed insurer.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3522915.

Topics:
Business > Industry rules
Money and consumer rights > Banking and loans
Previous

240: Interpretation, or

“Definitions of key terms used in the Companies Act 1993 for closing down a company”

Next

240B: Liquidation of associations, or

“How to liquidate an association and what rules apply”

Part 16 Liquidations
The process of liquidation

240ALiquidation of licensed insurers

  1. If a licensed insurer may be put into liquidation under or in accordance with this Part, this Part applies in respect of the insurer subject to subpart 3 of Part 4 of the Insurance (Prudential Supervision) Act 2010.

Notes
  • Section 240A: inserted, on , by section 241(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).