Custody of assets
22.—(1)  The Authority may, in the case of a registered insurer or an authorised reinsurer on which a requirement has been imposed under section 21, impose an additional requirement that the whole or a specified proportion of the assets to which the requirement under that section applies shall be held by a person approved by the Authority for the purposes of the requirement under this section as trustee for the insurer.
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(2)  Section 21(4) shall apply to any requirement under this section.
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(3)  Assets of a registered insurer or an authorised reinsurer held by a person as trustee for the insurer shall be taken to be held by him in compliance with a requirement imposed under this section if, and only if —
(a)they are assets in whose case the insurer has given him written notice that they are to be held by him in compliance with such a requirement; or
(b)they are assets into which assets in whose case the insurer has given him such written notice have, by any transaction or series of transactions, been transposed by him on the instructions of the insurer.
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(4)  No assets held by a person as trustee for a registered insurer or an authorised reinsurer in compliance with a requirement imposed under this section shall, so long as the requirement is in force, be released except with the consent of the Authority.
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(5)  If a mortgage or charge is created by a registered insurer or an authorised reinsurer at a time when there is in force a requirement imposed on the insurer by virtue of this section, being a mortgage or charge conferring a security on any assets which are held by a person as trustee for the insurer in compliance with the requirement, the mortgage or charge shall, to the extent that it confers such a security, be void against the liquidator and any creditor of the insurer.
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