Section 36, The Insurance Act, 2016

(1) Where an insurer carries on life insurance businesstogether with any other class of insurance business, the insurer shall keep a separate account of all receipts in respect of the life insurance (2) The receipts referred to in subsection (1) shall form a separate life insurance fund with an appropriate name. (3) The investments of the life insurance fund shall be kept separate from the investment of any other fund of the insurer. (4) The life insurance fund shall– (a) be absolutely the security of the policyholders and shall be held by the insurer as though it were an insurer carrying on business other than life insurance business; (b) not be applied for satisfying any liability arising out of any contract of the insurer for which it would not be applicable if the business of the insurer were only life insurance business; and (c) not be applied directly or indirectly for any purpose other than that of life insurance business referred to in subsection (1).