1. (Re)Insurance Companies shall make a cash deposit at the Central Bank, as a guarantee for meeting their obligations referred to in this decree-law. The value of the cash deposit shall be determined in accordance with the controls and requirements determined by the Board of Directors in this regard, from time to time. 2. Guarantee deposits referred to in item (1) of this article shall only be disposed for the payment of debts arising from insurance business carried out by (Re) Insurance Companies, provided that written permission is obtained from the Governor or his authorized representative. 3. The Central Bank may dispose of guarantee deposits referred to in item (1) of this article to satisfy its dues without requiring a warning or a court judgment. 4. If the value of the guarantee deposit referred to in item (1) of this article diminishes below the prescribed limit if it is disposed of, the (Re)Insurance Company, as the case may be, shall replenish the amounts of deposit within a period not exceeding thirty (30) days from the date of the Central Bank’s request to replenish the amount of deposits.
Interpretation and application must be checked against the official text and current version.