S.L. 403.16 Art. 10Increasing the amount of deposit.

(1) Subject to sub-regulation (2), where it appears to the competent authority that the amount of assets constituting any deposit made in accordance with regulation 9 is likely to fall, or falls, below the appropriate required amount, or on the written application of the insurer having regard to such circumstances, the competent authority shall direct in writing the insurer concerned to increase the amount of assets by a specified additional sum or holding amount to maintain the appropriate required amount and the custodian to receive and hold in custody the specified additional sum or holding amount and aggregate it with the amount of assets constituting the deposit.

(2) Any increase in the amount of deposit required to be made under sub-regulation (1) shall be made by the insurer as early as practicable but not later than fourteen days from the date of the competent authority’s direction in that regard to the insurer.