Section 88: Compensation Fund

88. Compensation Fund (1) There shall be established, under regulations made by the Minister, a fund to be known as the Insurance Industry Compensation Fund which shall have all the powers of a natural person— (a) for the payment of any claims, in respect of risks situated in Mauritius as may be prescribed, against an insurer licensed under this Act, remaining unpaid by reason of insolvency of such insurer, subject to such limitations, restrictions, exclusions, and conditions as may be prescribed; and (b) for the payment of compensation to persons suffering personal injury in traffic accidents where the tortfeasor or the vehicle which caused the injury is untraceable, subject to such limitations and restrictions as may be prescribed. (2) The Compensation Fund may be organised in different sub-funds designed to provide for compensation in respect of different classes of policies or parts of classes of policies. (3) The Compensation Fund shall be administered in accordance with such regulations as may be prescribed.