103. Policy holders protection Fund

The Board shall establish a fund to be known as the “Policy Holders Protection Fund” (in this section referred to as the “Fund”) to which shall be credited money realised from the cess levied and charged under section 7 of this Act.

The monies lying to the credit of the Fund shall be utilized for the general protection of policy holders and for any other specific purpose as may be determined by the Board, by rules made in that behalf.

Any money which is not immediately required for any of the purposes referred to in subsection (2), shall be invested by the Board in such prudent manner as would yield a good return and safeguard the investment.