(1) Where an assurance company maintains, pursuant to section 3 (which relates to separation of funds) of the Act of 1909, a separate assurance fund in respect of any class of assurance business carried on by it, all moneys received by such assurance company in respect of such class of assurance business shall be carried by such assurance company to the separate assurance fund so maintained in respect of that class of assurance business and to no other fund.
(2) Where an assurance company carries on life assurance business or industrial assurance business or both such businesses in Saorstát Eireann and also carries on any other class of business, except sinking fund or capital redemption business, such assurance company shall, subject to the provisions of the next following sub-section of this section, keep the assets of its life assurance fund and its industrial assurance fund separate from the assets of such other class of business.
(3) Where an assurance company carried on life ass
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