(1) For the purposes of Act 180, an insurer is considered to be insolvent where the total value of the insurer's assets does not exceed the total amount of its liabilities by at least the minimum margin of solvency that it is, or was, required to maintain under section 71(1).

(2) The Commission may pursuant to Act 180, present an application or petition to the Court for official liquidation of an insurer or a company that is carrying on or has carried on, unlicensed insurance business.

(3) On a petition presented under subsection (2), the Court may-make an order for the official liquidation of the insurer

(a) on any ground specified in Act 180,

(b) where the Court is satisfied that it is in the public interest that the company be wound up, or

(c) in the case of an insurer, where the insurer has failed to lodge with the Commission, within the period specified, the documents specified in section 80 (2).

(4) On the hearing of a petition for the official liquidation of an insurer, evidence that the insurer has, at any time prior to the date of the presentation of the petition been insolvent is, unless the contrary is proved, evidence that it continues to be insolvent.