(2)Where the insurer carries on the business of life insurance all receipts due in respect of such business, shall be carried to and shall form a separate fund to be called the life insurance fund the assets of which shall, , be kept distinct and separate from all other assets of the insurer and the deposit made by the insurer in respect of life insurance business shall be deemed to be part of the assets of such fund; and every insurer shall, within the time limited in sub-section (1) of section 15 in regard to the furnishing of the statements and accounts referred to in section 11, furnish to the Controller a statement showing in detail such assets as at the close of every calendar year duly certified by an auditor or by a person qualified to audit :Provided that such statement shall, in the case of an insurer to whom section 11 applies, be set out as a part of the balance-sheetmentioned in clause (a) of sub-section (I) of that section:Provided further that an insurer may show in such statement all the assets held in his life department, but at the same time showing any deductions on account of general reserves and other liabilities of that department:Provided also that the Authority may call for a statement similarly certified of such assets as at any other date specified byhim to be furnished within a period of three months from the date with reference to which the statement is called for.
