Section 24, The Insurance Act, 2000

(1) Any deposit made under section 23 shall be deemed to be part of the assets of the insurer but shall not— (a) be susceptible of any assignment or charge; (b) be available for discharging any liabilities of the insurer other than liabilities arising out of policies of insurance issued by the insurer so long as any of such liabilities remain undischarged; (c) be liable for attachment in execution of any decree except a decree obtained under any policy issued by the insurer in respect of a debt due upon a policy which could not be realised in any other way. (2) A deposit made in respect of life insurance business shall not be available for the discharge of any liability of the insurer other than liabilities arising out of policies of life insurance issued by the insurer. (3) Where an insurer suffers a substantial loss arising from liability to claimants and the loss is such that it cannot reasonably be met from available resources, the Commission may, upon application made to it by the insurer, after ascertaining the nature of the claim, approve the withdrawal from the deposit of the insurer an amount of not more than ten percent of the deposit, and any amount so withdrawn shall be replaced by the insurer within ninety days after the date of the withdrawal. [Margin: Refund of deposit.]