Comparison View

Formal Consolidation |  Amended Act 16 of 2011
Deposits by authorised reinsurers
14A.—(1)  Every authorised reinsurer shall maintain a reinsurance deposit of a value of such amount as may be prescribed in respect of each class of business for which it is authorised.
(2)  A deposit under subsection (1) shall be made in such form and manner, and in assets of such nature, as may be prescribed.
(3)  All income accruing in respect of a deposit under subsection (1) shall be payable to the insurer making the deposit.
(4)  The Authority may, in relation to a deposit under subsection (1), prescribe —
(a)the rights and obligations of any party in relation to the deposit; and
(b)any other matter which the Authority considers to be incidental to or necessary for this section.
[23/2003 wef 01/01/2004]
Informal Consolidation | Amended Act 11 of 2013
14A.  [Repealed by Act 11 of 2013 wef 18/04/2013]