86(1)If an insurer incorporated under the law of the Province does not go into actual operation within two years after incorporation, or if, after such insurer has undertaken contracts, it discontinues business for one year, or if its licence remains suspended for one year, or is terminated otherwise than by effluxion of time and is not renewed within the period of sixty days, the insurer’s corporate powers shall thereupon cease and determine, except for the sole purpose of winding up its affairs; and the court upon the application of the Superintendent, or of any person interested, may limit the time within which the insurer shall settle and close its accounts, and may, for that purpose and for the purpose of liquidation generally, appoint a receiver.

86(2)No such forfeiture shall affect prejudicially the rights of creditors as they exist at the date of the forfeiture.

86(3)In any action or proceeding where such non-user is alleged, proof of user shall be upon the insurer.

86(1)If an insurer incorporated under the law of the Province does not go into actual operation within two years after incorporation, or if, after such insurer has undertaken contracts, it discontinues business for one year, or if its licence remains suspended for one year, or is terminated otherwise than by effluxion of time and is not renewed within the period of sixty days, the insurer’s corporate powers shall thereupon cease and determine, except for the sole purpose of winding up its affairs; and the court upon the application of the Minister, or of any person interested, may limit the time within which the insurer shall settle and close its accounts, and may, for that purpose and for the purpose of liquidation generally, appoint a receiver.

86(2)No such forfeiture shall affect prejudicially the rights of creditors as they exist at the date of the forfeiture.

86(3)In any action or proceeding where such non-user is alleged, proof of user shall be upon the insurer.