75. Power of District Court to reduce contracts of insurance

Where an insurer is in liquidation, the District

Where an insurer carrying on long term insurance business has been proved to be insolvent, the District Court may, if it thinks fit, in lieu of making a winding-up order, reduce the amounts payable in respect of the insurance contracts of the insurer upon such terms and subject to such conditions as the district Court thinks just.

Application for an order under this section may be made either by the liquidator or by or on behalf of the insurer, or by a policy holder or by the Board ; and the Board and any person whom the District Court thinks likely to be affected, shall be entitled to be heard on any such application.