(1)

Where an insurance company is in liquidation or any other insurer is insolvent the Tribunal may make an order reducing the amount of the insurance contracts of the company or other insurer upon such terms and subject to such conditions as the Tribunal thinks just.

(2)

Where a company carrying on the business of life insurance has been proved to be insolvent, the Tribunal may if it thinks fit in place of making a winding up order reduce the amount of the insurance contracts of the company upon such terms and subject to such conditions as the Tribunal thinks fit.

(3)

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