Section 12: Determination of amount due from insurance companies

(1)
The Bank shall, at the end of every year after careful examination of the audited annual accounts of each insurance company, determine the amount due from the insurance company and shall issue a demand notice of the amount due from the insurance company for purposes of investment in the Fund.
(2)
The insurance company shall on the receipt of a demand notice from the bank pay the amount within one month of the demand into the Fund.
(3)
Failure by any insurance company to pay to the bank any amount due under subsection (2) of this section shall be regarded as a contravention of this Act and shall constitute one of the grounds for which the Commissioner for Insurance may cancel the registration of an insurance company in default.