Section 52C. Cancellation of contracts and agreements

52C. Cancellation of contracts and agreements. —The Administrator may, at any time during the continuance of his appointment with respect to an insurer and after giving an opportunity to the persons concerned to be heard, cancel or vary (either unconditionally or subject to such conditions as he thinks fit to impose) any contract or agreement (other than a policy) between the insurer and any other person which the Administrator is satisfied is prejudicial to the interest of holders of life insurance policies. 2[52D. Termination of appointment of Administrator. —If at any time, it appears to the Authority that the purpose of the order appointing the Administrator has been fulfilled or that, for any reason, it is 1. The words "or the Central Government" omitted by Act 5 of 2015, s. 60 (w.e.f. 26-12-2014) 2. Subs. by s. 61, ibid ., for section 52D (w.e.f. 26-12-2014). undesirable that the order of appointment should remain in force, the Authority may cancel the order and thereupon the Administrator shall be divested of the management of the insurance business which shall, unless otherwise directed by the Authority, again vest in the person in whom it was vested immediately prior to the appointment of the Administrator or any other person appointed by the insurer in this behalf.]