(1) Regardless of what is written in the prevailing law, if the following situation arises, the authority may declare the insurer as a problematic insurer for the protection of the rights and interests of the insured:-
(a) If the insurer fails to maintain the minimum paid-up capital and capital fund,
(b) If the ratio of total assets and liabilities of the insurer (solvency margin) is not maintained,
(c) If it is proven that the founder shareholder of the insurer has established the insurance company through fraud, money laundering, corruption, financial investment in terrorist activities, human trafficking,
(d) if it is proved that an insurance company has been established or licensed by fraud, forgery, or: giving false information or preparing or submitting a false document,
(e) In case of repeatedly acting against the interests of the insured, shareholders, insurers or the general public,
(f) If the insurer is instructed by the authority to merge with another insurer, if such instructions are not followed, then) if this Act or the rules, regulations, existing laws made under this Act, the conditions mentioned at the time of issuing the license or the instructions or orders issued by the authority are repeatedly violated, (f) h) In case of insurance fraud (insurance fraud) by the insurer,
(i) If it appears that an insurer is unable or likely to be unable to discharge its obligations from the regulation, inspection, monitoring or auditor's report or insurance report from the authority,
(h) If informed of the situation as per sub-section (3) of section 105,
(k) between the directors regarding the operation and management of the insurer: If a dispute arises and the insurance business cannot be operated smoothly,
(Rs) If the authority does not submit the proof of improvement within the specified period, when the insurance business is completely or partially stopped by the insurer,
(d) If the insurer fails to fulfill its obligations repeatedly.
(2) Prior to declaring a problematic insurer as per sub-section (1), the concerned B shall be given fifteen days' notice to submit his explanation along with proof that there is any reason why the authority should not declare him as such insurer.Corn should be given.
(3) If the explanation is not submitted within the period as per sub-section (2) or if the submitted explanation is not found to be satisfactory and reliable, the Authority shall declare the said insurer as a problem insurer and publicize the same through at least two national daily newspapers and the Authority's website.
(4) If an insurer has fallen or is likely to fall into bankruptcy according to the prevailing law, if such insurer has not been able to pay its obligations to the insured, or if its net assets have decreased to half or less than the paid-up capital, such insurer shall inform the authority immediately.