Section 17Part 3 — OBLIGATIONS OF LICENSEES
Further provisions relating to long term business accounts
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A class A insurer, class B insurer or class D insurer carrying on long term business may establish any number of separate accounts in respect of contracts to pay annuities on human life and contracts of insurance on human life, the assets relating to which shall be kept segregated one from the other and independent of all other assets of the insurer, and —
separate accounts shall not be chargeable with any liability arising from any other business, including other types of long term business, of the insurer and no liabilities shall be satisfied out of the assets standing to the credit of the relevant separate account apart from those liabilities arising from the contract for which the separate account was established or liabilities relating specifically to the operation of the separate account;
subject to paragraph (a), the assets of a separate account shall include all premiums paid with respect to the contract for which the separate account was established and all interest, earnings and assets derived from the premiums; and
any claim of the insurer under a contract of reinsurance taken out by the insurer in respect of a contract for which a separate account has been established shall be deemed to be an asset of the relevant separate account to the extent only that the insurer fails to meet its obligations under the relevant contract and upon payment of any amount due under the contract of reinsurance shall be immediately credited to the relevant separate account, whether the insurer is solvent or not.