Section 24: Stated capital and deposit

24. Stated capital and deposit (1) An insurer shall, in respect of its insurance business at all times— (a) have and maintain such stated capital as may be prescribed; and I15 – 23 [Issue 1] Insurance Act (b) make and maintain a deposit in such amount and with such custodian as may be prescribed. (2) An insurer shall make good forthwith any part— (a) of the stated capital that is impaired by losses or otherwise; (b) of the deposit which on any balance sheet date is valued as less than the prescribed amount. (3) A deposit shall be part of the assets of the insurer but shall not— (a) be capable of being transferred, assigned, or encumbered with a mortgage or other charge, by the insurer; (b) be available for the discharge of a liability of the insurer, other than a liability in respect of a Mauritian policy; or (c) be liable to attachment in execution of a judgment, except a judgment obtained by a policy holder of the insurer in respect of a debt due upon a Mauritian policy and which debt the policy holder has been unable to recover in any other way. (4) Notwithstanding any provision of the Companies Act, an insurer may, with the approval of the Commission, maintain the minimum capital requirement in a currency other than the Mauritian rupee.