Life Insurance Companies.
the case may be, unless it shall first make the deposit provided for in subsection (1) of section 3; but such new deposit shall be treated as a separate deposit from any securities remaining deposited under section 7: Provided that the receipt of premiums or other moneys in respect of policies made before such notice and the discharge of liabilities thereon, and the doing of other acts relating to such policies, shall not be deemed to be a recommencement of a carrying on of business within the meaning of this section.
[10
[CAP. 36
be separate
of other
33 & 34 Vict. s. 61, s. 4.
9. In the case of a company established before or after the commencement of this Ordinance transacting other business besides that of life insurance, a separate account shall be kept of all receipts in respect of the life insurance and annuity contracts of the company, and the said receipts shall be carried to and form a separate fund, to be called the life insurance fund, of the company, and such fund shall be as absolutely the security of the life policy and annuity holders as though it belonged to a company carrying on no other business than that of life insurance, and shall not be liable for any contracts of the company for which it would not have been liable had the business of the company been only that of life insurance and in respect to all existing companies, the exemption of the life insurance fund from liability for other obligations than to its life policy holders shall have reference only to the contracts entered into after the commencement of this Ordinance, unless by the constitution of the company such exemption already exists; but this Ordinance shall not diminish the liability of any life insurance fund for any contracts of such company entered into before the commencement of this Ordinance : Provided always that this section shall not apply to any contracts made by any life insurance company existing at the commencement of this Ordinance by the terms of whose deed of settlement the whole of the profits of all the business are paid exclusively to the life policy holders, and on the face of which contracts the liability of the insured distinctly appears.
[11
Financial statements. 33 & 34 Vict.
10. Every company shall, at the expiration of each financial year of such company, prepare a statement of its revenue account for such year and of its balance sheet at c. 61, s. 5.
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