Section 90: Management of Compensation Fund
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
90. Management of Compensation Fund
(1) The Compensation Fund shall be managed by a managing committee
consisting of not more than 7 persons appointed by the Minister.
(2) Where a sub-fund is set up—
(a) separate accounts shall be kept by the managing committee in
respect of each sub-fund; and
(b) payments made into one sub-fund, after deduction of any
amount determined by the managing committee to cover any
administrative costs, shall be utilised exclusively for compensation to meet only the purposes of that sub-fund.
I15 – 59 [Issue 1]
Insurance Act
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Questions this section answers
- Who manages the Insurance Industry Compensation Fund?