With the permission of An Ceann Comhairle, I propose to take Questions Nos. 9, 10, 11, 12, and 13 together. The Equitable Insurance Company Limited was licensed on 27th March, 1948, under section 12 (11) (b) of the Insurance Act, 1936.
As I indicated in reply to other questions on 28th May and 12th June, the returns submitted by this company since it commenced business were in order and insolvency was not indicated until the returns for the year ended 30th June, 1962, came to hand. Consequently, the question of taking action under section 20 or section 46 did not arise until these latest returns were received. A notice under section 20 was, in fact, issued to the company on 9th May, 1963. I was satisfied, from an examination of the returns for 1962, that the company was insolvent and it was not necessary, therefore, to invoke my powers under section 46. Any proceedings under section 46 would have delayed the presentation of my petition to the High Court to have the company wound up compulsorily.