Insurance Act, 1964
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Provision in respect of existing deposits by insurers in High Court. |
10.—(1) Whenever a deposit is, immediately before the commencement of sections 8 and 9 of this Act, maintained in pursuance of the Act of 1936 with the Accountant by an assurance company or the Committee of Lloyd's in respect of a particular class of assurance business and the company or Committee is required by the said section 8 or 9, as the case may be, to deposit and keep deposited with the Accountant a sum of money in respect of the same particular class of assurance business, the said deposit so maintained immediately before the commencement of the said sections 8 and 9 and the investments then representing the same shall be retained by the Accountant and be deemed to be part of a deposit made in pursuance of the said section 8 or 9, as the case may be, by the company or Committee, as the case may be, in respect of the said particular class of assurance business. | |
(2) Immediately upon the commencement of the said sections 8 and 9, the Accountant shall, in respect of every deposit retained by him in pursuance of subsection (1) of this section, calculate and ascertain the market value at such commencement of the investments then representing the deposit, and shall forthwith give to the company or Committee, as the case may be, by which the deposit was maintained notice in writing stating the amount of the market value ascertained as aforesaid and the amount by which the market value falls short of the full proper amount of the deposit, and, if the company or Committee, as the case may be, not more than one month after receiving the said notice, deposits with the Accountant a sum equal to the difference between the market value and the full proper amount of the deposit, the sum so deposited shall be added to and treated as part of the deposit represented by the said investments and the deposit shall be deemed to have been of the full proper amount as and from the commencement of the said sections 8 and 9. |