64. Cancellation of contracts and agreements

An administrator may, at any time during the continuance of his or her management of the affairs of an insurer, cancel or vary (either unconditionally or subject to such conditions as he or she thinks fit to impose) any contract or agreement, other than a policy between the insurer and any other person, which the administrator is satisfied has been or is prejudicial to the interests of holders of insurance policies.

Before canceling or varying any contract or agreement, the administrator shall give to all persons, who will be affected by such cancellation or variation, an opportunity of being heard.