(1) The Bank may present a petition to the court for an order for the administration of an insurer and the appointment of an administrator in relation to such insurer and may do so notwithstanding that there is or may be another remedy or course of action available to it in relation to such insurer.
(2) The court may, on such petition, in relation to an insurer, if it considers-
(a) that-
(i) the manner in which the business of the insurer is being or has been conducted has failed to make adequate provision for its debts, including contingent and prospective liabilities, or
(ii) the business of the insurer is being or has been so conducted as to jeopardise or prejudice the rights and interests of persons arising under policies issued by the insurer, or
(iii) the insurer has become unable to comply with the requirements of the supervisory Regulations in a material respect,
and
(b) that the making of such an order for administration and the appointment of an administrator would assist in
…