2
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Clause 2 of the Bill seeks to amend the
Ordinance by adding a new section 35A to provide that if the Insurance Authority requires an insurer to make a bank deposit in the name of the Insurance Authority, to be held in trust for the insurer pursuant to a notice issued under section 35, any charge of whatever nature created over that deposit shall be .void against all persons. Any deposit made is thus preserved as a potential source of extra protection for policy holders.
In order to hold the Insurance Authority accountable for its trusteeship of any deposits held by way of notice under section 35, it is proposed that the Insurance Authority shall prepare proper annual accounts of all deposits referred to in the new section 35A and submit a statement of those accounts to the Director of
Audit for his examination. This is achieved by the addition of a new section 35B to the Ordinance.
adjourned.
Sir, I move that the debate on this motion be
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