Comparison View

Amendments are not highlighted in legislation amended before 2012. We are working on it.
Formal Consolidation |  2002 RevEd
Requirements before registration
9.—(1)  The Authority shall not register any applicant under section 8 unless the applicant —
(a)is a company as defined in the Companies Act (Cap. 50) or a company incorporated outside Singapore which has an established place of business in Singapore or is a society registered under the Co-operative Societies Act (Cap. 62);
(b)has made the deposit under section 14; and
(c)where it has a share capital its paid-up share capital is, or where it does not have a share capital the value of its assets exceeds the amount of its liabilities by, not less than such amount as may be prescribed.
[11/86]
(2)  For the purposes of subsection (1)(c), the Authority may prescribe different amounts for different classes of insurance business or for different types of insurers.
[11/86]
Informal Consolidation | Amended Act 24 of 2003
Requirements before registration
9.—(1)  The Authority shall not register any applicant under section 8 unless the applicant —
(a)is a company or a company incorporated outside Singapore which has an established place of business in Singapore or is a society registered under the Co-operative Societies Act (Cap. 62);
(b)has made the deposit under section 14; and
(c)satisfies such financial requirements as may be prescribed.
[23/2003 wef 01/01/2004]
(2)  For the purposes of subsection (1)(c), the Authority may prescribe financial requirements of different forms or amounts for different classes of insurance business or for different types of insurers.
[11/86]