Section 82

pay into an insurance fund all receipts in respect of policies to which the insurance fund relates and which are issued by it or under which it has undertaken liability, including all income of that insurance fund;

maintain at all times assets in an insurance fund of a value equivalent to or higher than the liabilities of that insurance fund;

apply the assets of an insurance fund only to meet the liabilities and expenses properly incurred by that insurance fund; and

comply with such other requirements as may be specified by the Bank under paragraph 47(2)(g) including requirements on the types of assets to be, or not to be, included as assets of the insurance fund.

For the purposes of subsection (1), the Bank may specify what constitutes “receipts”, “income”, “liabilities” or “expenses” and the manner to determine or value the receipts, income, assets, liabilities or expenses.

Unless the Bank otherwise approves, a licensed insurer shall maintain an insurance fund established under section 81 so long as it is under liability in respect of any policy or insurance claim relating to that insurance fund.