(1) According to section 101, the Authority shall issue any order specifying the following period for the reformation of such insurer, regardless of what is written in the prevailing law regarding any insurer being in trouble:-
(a) To increase the capital, to issue new shares or to pay the amount due for the shares within the period specified by the authority,
(b) To suspend the distribution of dividends to be distributed to the shareholders for a certain period of time or to impose such a suspension to issue bonus shares for dividends,
(c) determining a limit for a certain period on the payment of remuneration, facilities or any other amount to be provided to the director, executive head, (d) determining a new limit on the management expenses of the insurer,
(e) To satisfy the liability of the insurer by selling any assets of the insurer,
(f) Prohibition of branch expansion or merger or closure of any or all existing branches,
(g) To reduce the paid-up capital of the insurer,
(h) Prohibiting any or all types of insurance business that the insurer is allowed to do in accordance with this Act for a certain period,
(j) to reduce/enforce the number of directors, managers or employees of the insurer or to reorganize or reorganize the board of directors within the specified period,
(h) To suspend the rights of the shareholders of the insurer or to stop the transfer of shares of such shareholders or to cause the shares of such shareholders to be purchased (buyout) by other shareholders or the insurer itself or to be sold to other persons or organizations,
(k) If the insurer is registered in a listed company, to send a written request to remove the name of such insurer from the securities market to prevent any action against the public interest, (l) To make the insurer financially and managerially capable, to take or cause to be done any other appropriate actions deemed appropriate by the authority.
(2) If the insurer does not terminate the director, manager or employee within the period as per clause (i) of sub-section (1), the authority itself shall terminate such director, manager or employee regardless of what is written in the prevailing law.Can be removed as per
(3) If the financial or managerial status of the insurer cannot be improved within the time given by the authority to take corrective measures according to sub-section (1), if there is any reason why such insurer should not be taken under control, thirty days notice shall be given to the concerned insurer to submit his/her explanation along with the proof.
(4) If the explanation submitted by the insurer within the time given under sub-section (3) is found reasonable, the authority may grant a maximum period of six months to the said insurer to make the expected improvements.
(5) Even within the period according to sub-section (4), if the insurer fails to make the expected improvements, the authority will form a special management group according to section 103 and take control of the operation and management with or without suspending the board of directors or in any other way.