46. Deposits by authorised reinsurers

Every authorised reinsurer must maintain a reinsurance deposit of a value of such amount as the Authority may prescribe for the purposes of this section in respect of each class of business for which it is authorised.

A deposit under subsection (1) must be made in such form and manner, and in assets of such nature, as may be prescribed or specified in directions by the Authority for the purposes of this section.

All income accruing in respect of a deposit under subsection (1) is payable to the authorised reinsurer making the deposit.

The Authority may, in relation to a deposit under subsection (1), prescribe —