Question
As per the Insurance Act, 1938 an insurance company
shall not be wound up voluntarily except _________________Solution
Either of the above, Explanation: Section 54 Voluntary winding up, Explanation: Notwithstanding anything contained in the Companies Act, 1956, an insurance company shall not be wound up voluntarily except for the purpose of affecting an amalgamation or a re-construction of the company, or on the ground that by reason of its liabilities it cannot continue its business.
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