S.L. 403.16 Art. 9Making an amount of deposit.

(1) Subject to sub-regulation (2), every deposit made, or required to be made, pursuant to regulations 3 or 4 shall be made with a custodian of assets in the manner set out in regulation 7 and shall be maintained by the insurer at all times during the continuance of the authorisation, run-off or servicing as the case may be, at a level equal to at least the appropriate required amount:

Provided that, where the deposit is an asset consisting of a holding of an instrument admitted to listing on a regulated market or a multilateral system, such asset shall be valued at ninety per centum of the last quoted market price or such other lesser percentage as the competent authority may determine, but not less than seventy-five of the last quoted price. per centum

(2) Where an asset constituting or forming part of any deposit made in accordance with sub-regulation (1) is an asset expressed in a currency other than euro, a further sum or increased amount of instruments equal to ten of the value of that asset shall per centum be aggregated with the amount of assets constituting the deposit to make good for any loss of value of that asset, in that other currency, which might arise out of exchange risk.