This Act revises and consolidates the law regulating insurance business. It sets provisions for the regulation of privately administered pension fund plans. The Central Bank is charged with the administration of this Act, it may designate Inspectors and may delegate its powers and duties.
All deposits made by a company pursuant to this Act shall be deemed to form part of the assets of the company. The Central Bank may release the deposit to a liquidator or refund the deposit to the company. Every company registered under this Act to carry on long-term insurance business or motor vehicle insurance business shall maintain a statutory fund in respect of such business.