Section 48: Separation of accounts

48. Separation of accounts (1) An insurer carrying on more than one class of policies in any category of insurance business shall keep separate accounts of all receipts and payments in respect of each class of business. (2) The Commission may, by notice in writing, require an insurer carrying on more than one class of insurance business to keep separate accounts of all receipts and payments in respect of a part of any such class of business. (3) Where a single amount received or paid, whether in respect of premiums, investment income, claims, commission, reinsurance costs, administration costs, taxes or otherwise is received or paid in respect of more than one class of insurance business, and the amount is not otherwise allocable between the different classes, the insurer shall, for the purposes of this paragraph, apportion the amount in an equitable manner between the classes of insurance business in respect of which it is received or paid. (4) Where a long term insurer manages assets in linked long term insurance business, that insurer shall keep separate accounts and records for each portfolio. (5) Nothing in this section shall affect the establishment and maintenance of an insurance fund under section 17 or a designated fund under section 18.