Section 41: Claim Payable Fund and Reserve Fund

1)  Every insurer shall maintain a claim payable fund and reserve fund and deposit following amounts in those funds:

(a) The amount of the liability for non-payment of the claim within the prescribed period,

(b) Amount for insurance claims, in respect of which an event has occurred in relation to the property and liability insured by the insurer but has not been reported to the insurer (recorded but not reported) or has not been reported sufficiently,

(c) Amount for unexpired risks reserve of the insurer.

2) Other provisions related to claim payable fund and reserve fund shall be as prescribed in sub-section (1).