• (a)having regard to a statement provided under section 60 or to the results of an investigation carried out under Division 2 of this Part, an insurer—
  • (i)is, or is likely to become, unable to meet its policy or other liabilities as they become due;
  • (ii)has failed to comply with section 31;
• (b)a licensed person—
  • (i)having failed to comply with any direction, notice, term or condition of a licence or other requirement of or under this Act has continued the failure; or
  • (ii)having contravened any provision of this Act, has continued such contravention, for 2 weeks after written notice of the failure or contravention has been given to the licensed person by the Reserve Bank;
• (c)a broker has failed to comply with section 65;
• (d)having regard to the results of an investigation under Division 2 of this Part, it is just and equitable in the interests of insureds or in the public interest,

the Reserve Bank may, with the consent of the Minister, assume control of, or appoint a person to assume control of, the business or part of the business of a licensed person, from which time the licensed person is under controllership.

• (a)notify the licensed person in writing of the assumption or appointment; and
• (b)publish in the Gazette a notice of the assumption or of the appointment.