(1) Before the commencement of this rule, insurers who have been registered to operate life insurance and non-life insurance business and have been operating life insurance and non-life insurance business shall conduct insurance business as separate organizations engaged in life insurance and non-life insurance business from the date specified by the committee. br> (2) In accordance with sub-rule (1), the insurer shall fulfill the following conditions while doing insurance business as separate organizations doing life insurance and non-life insurance business.
(a) Amending the Articles of Association and the Regulations to make provision for one of the two insurance businesses to conduct only insurance business and to establish another organization under the prevailing laws for the purpose of conducting the other insurance business.
(B) According to Clause (A), the management of different organizations doing insurance business shall be done separately.
(c) To make arrangements for raising paid-up capital separately for each institution.
(d) To fulfill other conditions specified by the committee regarding conducting life insurance and non-life insurance business separately.
(3) In accordance with sub-rules (1) and (2), when conducting insurance business as a separate entity doing life insurance and non-life insurance business, the amount deposited in the insurance fund as per Section 21 of the Act shall be allocated to life insurance in the name of the life insurance business and the amount to non-life insurance. A separate insurance fund should be established and deposited in the name of the non-life insurance business.