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CA-3.1.9

Where the CBB imposes a financial penalty on an insurance firmG or requires an insurance firmG to compensate policyholdersG for any wrongful act of the insurance firmG (including any wrongful act committed by an appointed representativeG of the insurance firmG ) it must not pay that compensation or financial penalty from any long-term insurance fundG . Such penalties can only be paid out of the shareholderG (or company) fund.

Amended: January 2007
 Versions
(2 Versions)
 
Up to Jun 30 2007Jul 1 2007 onwards
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