Section 81
Establishment and maintenance of insurance funds
of Financial Services Act 2013
ActIn forceProvision 81 of 124
Section 81
(1)
A licensed insurer shall establish and maintain one or more insurance funds for any class or description of its insurance business as may be specified by the Bank.
(2)
Notwithstanding subsection (1), a licensed life insurer shall establish and maintain a separate insurance fund for its life insurance business relating to participating life policies.
(3)
The Bank may specify that a licensed life insurer shall establish and maintain more than one insurance fund for its participating life policies under subsection (2).