(1) A trustee may not deal with any assets held in trust by him or her without the prior general or specific approval of the Registrar.
(2) A trustee shall, as required by the Registrar, submit a list of the assets held in trust under section 90.
(3) A trustee who contravenes subsection (1) shall be under the same liability as if the appropriate policy-holders had been the beneficiaries of the trust.