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Formal Consolidation |  1994 RevEd
Miscellaneous definitions
67.—(1)  In this Act —
“accounting period”, in relation to any insurer, means the period beginning from the commencement of its business in Singapore or 1st January of any year, as the case may be, and ending on 31st December of that year for which accounts relating to the insurance business carried on by the insurer in Singapore are kept and for which an insurance fund has been established under this Act, unless otherwise allowed by the Authority;
“actuary” means a Fellow of any prescribed institute;
“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act [Cap. 186];
“registered insurer” means an insurer which has been registered by the Authority under this Act.
(2)  In this Act —
(a)“statutory balance-sheet” and “statutory valuation” mean respectively a balance-sheet lodged with the Authority in order to comply with section 38(1), and a valuation of which the results are shown in a valuation balance-sheet lodged with it on an actuarial investigation made in order to comply with section 39(1);
(b)any reference to the last statutory balance-sheet or to the last statutory valuation shall be construed as referring to that last prepared or made and not superseded by the arrival of the date as at which another is to be prepared or made; and
(c)any reference to there being shown in a statutory balance-sheet or on a statutory valuation a surplus of assets over liabilities of an insurance fund shall be construed accordingly by reference to the prescribed form of balance-sheet or valuation balance-sheet and to the rules to be followed under this Act and the regulations in preparing it.
[64
[11/86]
[32/93]
Informal Consolidation | Amended Act 30 of 1999
Miscellaneous definitions
67.—(1)  In this Act —
“accounting period”, in relation to any insurer, means the period beginning from the commencement of its business in Singapore or 1st January of any year, as the case may be, and ending on 31st December of that year for which accounts relating to the insurance business carried on by the insurer in Singapore are kept and for which an insurance fund has been established under this Act, unless otherwise allowed by the Authority;
“actuary” means a Fellow of any prescribed institute;
“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act [Cap. 186];
“registered insurer” means an insurer which is for the time being registered by the Authority under this Act.
(2)  In this Act —
(a)“statutory balance-sheet” and “statutory valuation” mean respectively a balance-sheet lodged with the Authority in order to comply with section 38(1), and a valuation of which the results are shown in a valuation balance-sheet lodged with it on an actuarial investigation made in order to comply with section 39(1);
(b)any reference to the last statutory balance-sheet or to the last statutory valuation shall be construed as referring to that last prepared or made and not superseded by the arrival of the date as at which another is to be prepared or made; and
(c)any reference to there being shown in a statutory balance-sheet or on a statutory valuation a surplus of assets over liabilities of an insurance fund shall be construed accordingly by reference to the prescribed form of balance-sheet or valuation balance-sheet and to the rules to be followed under this Act and the regulations in preparing it.
[64
[11/86]
[32/93]