(1) An insurer effecting or carrying out contracts of long-term insurance may not be wound up voluntarily without the consent of the [PRA].
(2) If notice of a general meeting of such an insurer is given, specifying the intention to propose a resolution for voluntary winding up of the insurer, a director of the insurer must notify the [PRA] as soon as practicable after he becomes aware of it.
(3) A person who fails to comply with subsection (2) is guilty of an offence and liable on summary conviction to a fine not exceeding level 5 on the standard scale.
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