Laws of tuvalu



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4 Establishment of Fund
(1) There is established by this Ordinance a Fund to be known as the National Bank of Tuvalu (Insurance) Fund.
(2) There —
(a) shall be deposited in the Fund the amount of every premium paid pursuant to section 5;
(b) shall be paid from the Fund amounts in respect of any relevant loss, as provided in section 7;
(c) may be paid from the Fund the amount specified in any order made pursuant to section 8;
(d) may be paid from the fund such sums as the Minister certifies to be proper expenses —
(i) relating ancillary to claims against the Fund; or
(ii) in connection with the maintaining or investing of the Fund.
5 Premiums
(1) The Minister shall in respect of each financial year, after consultation with the Board, fix by order —
(i) the amount of the premium to be paid in that financial year by the Bank; and
(ii) the amount of the excess to be applied for the purposes of section 6:
Provided always that in the event that the Bank should establish to the satisfaction of the Minister that the Bank could obtain in respect of the financial year in question insurance giving the Bank no less cover than that given by this Ordinance and on comparable terms including any excess provisions, for a lesser sum than the premium fixed for the financial year then the Minister shall fix that sum as the premium in the place of the premium fixed under paragraph (i).
(2) The premium payable pursuant to subsection (1) in respect of a financial year shall be paid in accordance with the requirements, with respect to time of payment, specified, either generally or in respect of the financial year, in an order made by the Minister.



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