PART IV
ASSETS OF SINGAPORE INSURANCE FUND
Definitions
16.  For the purposes of this Part —
“Singapore Insurance Fund” means any insurance fund established in respect of Singapore policies under section 16(1)(a) of the Act;
“Singapore Insurance Fund Assets” shall be the aggregate of all assets for which valuation bases are specified in regulations 5 to 14 and any other asset which the Authority may allow;
“approved financial institutions” means banks, finance companies and merchant banks approved by the Authority or other commercial banks licensed in a foreign country;
“related”, in relation to any company or financial institution, has the same meaning as in section 6 of the Companies Act [Cap. 50];
“property shares” means shares that are classified by the Stock Exchange of Singapore or other stock exchanges as property shares and, in the case of unquoted shares, means shares of any company whose investment in property constitutes not less than 50% of its total assets;
“liquid assets” shall consist of securities of the Singapore Government and public authorities of Singapore, cash and deposits in Singapore dollars in approved financial institutions, and bills of exchange in Singapore dollars accepted or endorsed by banks licensed under the Banking Act [Cap. 19], which arise from bona fide commercial transactions and which are payable within 3 months;
“office building” means buildings owned by the insurer and used as the headquarters for its operations in Singapore and which the insurer occupies at least one third of the office space;
“overseas assets” means loans to and securities issued by non-residents, deposits and property held overseas;
“unsecured loans” means loans given without security;
“written premiums” means gross premiums during the accounting period in respect of Singapore policies issued, and reinsurances accepted, which are entered in an insurer’s register of Singapore policies, reduced by return premiums and premiums in respect of reinsurances accepted on Singapore policies ceded during the accounting period to a registered insurer.
Application of this part
17.—(1)  In determining the Singapore Insurance Fund Assets of the Singapore Insurance Fund, only the classes of assets specified in regulations 5 to 14 and any other asset which the Authority may allow shall be taken into account. These assets shall be valued as prescribed in Part III and the extent to which these assets may be taken into account (referred to in this Part as admitted value) shall be determined as prescribed in regulation 18.
(2)  The total admitted value of the Singapore Insurance Fund Assets shall be compared against the liabilities of the Fund for the purposes of —
(a)determining the surplus of the Fund under sections 16 (4), (5A), (5B), (5C), (6) and 17(4)(a) of the Act;
[S 497/93 wef 31/12/1993]
(b)any return to which section 36 of the Act applies; and
(c)any investigation made pursuant to the requirements of section 37 of the Act.
(3)  In respect of life business, the investment limits specified in the Schedule shall be applied to the total life business (other than the investment-linked business) of the Singapore Insurance Fund.
[S 497/93 wef 31/12/1993]
Investment limits
18.—(1)  For the purposes of regulation 17, the extent to which the Singapore Insurance Fund Assets shall be taken into account shall be subject to the investment limits specified in the Schedule.
(2)  To determine whether the investment limits specified in the Schedule have been complied with, the assets shall be valued as prescribed in Part III.
Liquid assets
19.  The assets of any insurance fund established by an insurer in respect of general business and relating to Singapore policies shall be such that the aggregate admitted value of liquid assets shall not be less than 30% of the aggregate of loss reserves and outstanding claims.