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A life insurer who carries on personal pension and provident fund business shall

(a) maintain a separate and distinct Fund known as the Pension Fund representing the liabilities of that insurer in respect of pension and provident fund business;

(b) maintain a separate and distinct account related to the income and expenditure of that insurer in respect of its pension and provident fund business; and

(c) designate which of the assets of the insurer are to be regarded as assets of the Pensions Fund to be clearly shown in the balance sheet or other accounts of the insurer as assets of the Pensions Fund.