Form of deposits
10.—(1)  If, in the case of any approved MAT insurer, a bank licensed under the Banking Act (Cap. 19) makes with the Authority an agreement in a form approved by the Authority whereby —
(a)the bank covenants to deposit with the Authority a specified sum in cash on account of the insurer’s deposits under regulation 9; and
(b)the covenant complies with any requirement the Authority sees fit to impose as to the circumstances in which that sum is to be deposited,
then, for the purposes of these Regulations, the insurer shall be treated as having made the deposit under that regulation and the sum so covenanted for shall be recoverable notwithstanding that no consideration is furnished on the agreement.
(2)  Any sum deposited by a bank in pursuance of an agreement made under paragraph (1) shall be dealt with under or for the purposes of these Regulations as if it were a sum deposited by the approved MAT insurer under regulation 9.