Assurance Companies. [Ch. 31. No. 19.

(8) Where an assurance company carries on, or intends
to carry on, assurance business of more than one class, a
separate deposit shall be made and kept deposited under
this section as respects each class of business, and the
deposit made in respect of any class of business in respect
of which a separate assurance fund is required to be kept
shall be deemed to form part of that fund, and all interest
or dividends accruing due on any approved — curitie.
forming part of the deposit shall be carried by the assurance
company to that fund.

5. (1) In the case of an assurance company transacting
other business besides that of assurance or transacting
more than one class of assurance business, a separate
account shall be kept of all receipts in respect of the
assurance business or of cach class of assurance business,
and the receipts in respect of the assurance busine. — or,
in the case of a company carrying on more than one class
of assurance business, of each class of business, shall be
carried to and form = separate assurance fund with an
appropriate name: Provided that nothing in this section
shall require the investments of any such fund to be kept
separate from the investments of any other fund.

(2) A fund of any particular class shall be as absolutely
the security of the policy holders of that class as though it
belonged to a company carrying on no other business than
assurance business of that class, and shall not be liable for
anv contracts of the company for which it would not
have been liable had the business of the company been only
that of assurance of that class, and shall not be applied,
directly or indirectly, for any purposes other than those of
the class of business to which the fund is applicable.

Accounts and documents.

6. Every assurance company shall, at the expiration of
each financial year of the company, prepare—

(a) a revenue account for the year in the form or
forms prescribed and applicable to the class or classes
of assurance business carried on by the company;

(b) a profit and loss account in the prescribed form,

971

Separation
of funds.

Accounts
and balance
sheets.