Custody of assets of licensed insurers
22.—(1)  The Authority may, in the case of a licensed insurer 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.
[11/86]
[Act 11 of 2013 wef 18/04/2013]
(2)  [Deleted by Act 11 of 2013 wef 18/04/2013]
(3)  Assets of a licensed insurer 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 which the insurer has given him notice are to be held by him in compliance with such a requirement; or
[Act 11 of 2013 wef 18/04/2013]
(b)they are assets into which assets which 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.
[11/86]
[Act 11 of 2013 wef 18/04/2013]
[Act 11 of 2013 wef 18/04/2013]
(4)  No assets held by a person as trustee for a licensed insurer in compliance with a requirement imposed under this section shall, so long as the requirement is in force, be released except with the written consent of the Authority.
[11/86]
[Act 11 of 2013 wef 18/04/2013]
(5)  If a mortgage or charge is created by a licensed insurer 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.
[11/86]
[Act 11 of 2013 wef 18/04/2013]