Miscellaneous definitions
65.—(1)  In this Act, unless the context otherwise requires —
“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;
“advocate and solicitor” means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section 130A of the Legal Profession Act (Cap. 161);
[41/2001 wef 08/01/2002]
“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act (Cap. 186);
“direct general insurance broker” means a person who is for the time being registered under section 35X in respect of general business but not any reinsurance business;
[41/2001 wef 08/01/2002]
“director” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);
[41/2001 wef 08/01/2002]
“exempt financial adviser” has the same meaning as in the Financial Advisers Act 2001;
[41/2001 wef 08/01/2002]
“financial year” has the same meaning as in section 4(1) of the Companies Act;
[41/2001 wef 08/01/2002]
“general reinsurance broker” means a person who is for the time being registered under section 35X in respect of reinsurance of liabilities under insurance policies relating to general business;
[41/2001 wef 08/01/2002]
“insurance agent” means a person who is or has been carrying on insurance business in Singapore as an agent for one or more insurers and includes an agent of a foreign insurer carrying on insurance business in Singapore under a foreign insurer scheme under Part IIA;
[41/2001 wef 08/01/2002]
“insurance broker” means a person who is or has been carrying on insurance business in Singapore as an agent for insureds or intending insureds in respect of insurance policies relating to general business or in respect of reinsurance of liabilities under insurance policies relating to life business;
[41/2001 wef 08/01/2002]
“insurance intermediary” means a person who, as an agent for one or more insurers or as an agent for insureds or intending insureds, arranges contracts of insurance in Singapore;
[41/2001 wef 08/01/2002]
“insured” includes reinsured and “insurer” includes reinsurer;
[41/2001 wef 08/01/2002]
“licensed financial adviser” means a holder of a financial adviser’s licence under the Financial Advisers Act 2001;
[41/2001 wef 08/01/2002]
“life reinsurance broker” means a person who is for the time being registered under section 35X in respect of reinsurance of liabilities under insurance policies relating to life business;
[41/2001 wef 08/01/2002]
“registered insurance broker” means a person who is for the time being registered under section 35X;
[41/2001 wef 08/01/2002]
“representative”, in relation to a licensed financial adviser or exempt financial adviser, has the same meaning as in the Financial Advisers Act 2001;
[41/2001 wef 08/01/2002]
“registered insurer” means an insurer which is for the time being registered by the Authority under this Act;
“statutory balance-sheet” and “statutory valuation” mean respectively a balance-sheet lodged with the Authority in order to comply with section 36(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 37(1).
[11/86; 32/93; 30/99]
(2)  In this Act —
(a)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
(b)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.
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