Section 9

For the purposes of subsection (1) of section 16 of the Order, the amount to be deposited by an insurer with the Authority shall be as follows-fa} in respect of an insurer carrying on life insurance business, the minimum deposit shall be $1,000,000; and

{b} in respect of an insurer carrying on general insurance business, the minimum deposit shall be $1,000,000.

In addition, in respect of an insurer carrying on general insurance business, the minimum deposit from the year after registration shall be subject to 40 per cent of its premium income net of payment on account of reinsurance in excess of an amount to be prescribed by the Minister.

If in a subsequent year, there is a decrease in the net premium income of the insurer, it shall be refunded the difference between 40 per cent of its premium income in that year and that of the previous year.

Any refund as referred to at sub-regulation (3) will be subject to the insurer having satisfied the requirement of the Order relating to the pledging of assets to the appropriate insurance fund as well as satisfying the solvency requirement.

Margins of solvency.