4.—(1) The relevant deposits shall be made in assets of such nature as the Authority may specify.
(2) All income accruing in respect of the relevant deposits shall be payable to Lloyd’s.
(3) Lloyd’s may at any time substitute for the assets comprised in the relevant deposits such other assets as the Authority may specify so long as the deposits are not thereby reduced to an amount below that which is required by regulation 3(1)(b) and (c).
(4) The Authority may apply the relevant deposits to meet claims against any member of Lloyd’s in respect of insurance business carried on in Singapore by the members under these Regulations.
(5) The Authority shall —
(a)
retain the relevant deposits until it is satisfied that all members of Lloyd’s have ceased to carry on insurance business in Singapore under these Regulations; and
(b)
if so satisfied, transfer to Lloyd’s the entire deposit less such part that the Authority determines should be kept available for purpose of meeting claims against members of Lloyd’s in respect of policies issued by them under these Regulations.