Section 16Part 3 — OBLIGATIONS OF LICENSEES
Separate accounts for long term and general business
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A class D insurer carrying on both long term business and general business shall keep separate accounts in respect of its long term business.
All receipts of funds in respect of the class D insurer’s long term business shall be placed in a separate long term business account, and payments from that account shall not be made directly or indirectly for any purpose other than those of the class D insurer’s long term business attributable to that account, except insofar as the payments can be made out of any surplus disclosed on an actuarial valuation and certified by an actuary approved by the Authority to be distributable otherwise than to policyholders.
An insurer that issues linked policies shall keep a separate account in respect of its linked policies and shall maintain sufficient records to identify the assets and liabilities of that account.
A licensee that issues linked policies shall establish and maintain one or more funds consisting of assets that are segregated from the other assets of the licensee and that are specified as the assets on the market value of which the liabilities of the licensee in respect of those linked policies or amounts depend.