Clause 8

by deleting subsection (1) and substituting the following subsection:“(1) If, in the case of any insurer, a bank licensed under any written law for the time being in force relating to banking makes with the Authority an agreement in a form approved by the Authority whereby the bank covenants to deposit with the Authority a specified sum in cash on account of the insurer’s deposit under section 7 in respect of either class of insurance business, and the covenant complies with any requirements the Authority sees fit to impose as to the circumstances in which that sum is to be deposited, then for the purposes of this Act the insurer shall be treated as having made the deposit under section 7 and the sum so covenanted for shall be recoverable notwithstanding that no consideration is furnished on the agreement.”; and

by deleting subsection (3).