Section 12. Requirements as to documents evidencing title to assets of insurance funds. (INSURANCE ACT, 1963

(P.M. ACT 1 OF 1963)
INSURANCE ACT, 1963

PART II - CONDUCT OF INSURANCE BUSINESS
Deposits, registers of policies and insurance funds

Section 12. Requirements as to documents evidencing title to assets of insurance funds.

(1) Where an insurer has established an insurance fund under this Act, the insurer shall secure that any documents evidencing the insurer's title to assets of the fund or assets evidencing the insurer's title to assets of the fund or assets falling within sub-section (5) of section 11,so long as the documents are held by or on behalf of the insurer, shall be kept in the Federation or, if not so kept, shall be kept in the custody of a person approved by the Commissioner, and at a place and on terms so approved.
(2) An insurer who has established an insurance fund under this Act shall from time to time notify to the Commissioner in writing-

(a)

the person having the custody of any such documents on behalf of the insurer, and the fact of any person ceasing to do so; and

(b)

the reason why any such documents are not held by or on behalf of the insurer, and the identity of the documents in question.

(3) Any such document which is for the time being held by or on behalf of the insurer shall, on the Commissioner giving not less than fourteen days notice in writing to the insurer or to the person having the custody of the document, be produced for inspection to the Commissioner or a person nominated by him by the person to whom the notice is given.

(4) A person who fails to comply with this section shall be liable on conviction to a fine of one thousand dollars, and to a daily fine of fifty dollars.