Insurance (Accounts and Statements) Regulations

Insurance Act

(Chapter 142, Section 66)

Rg 2

G.N. No. S 458/1992

REVISED EDITION 1999

(1st January 1999)

[31st December 1992]

Citation

1. These Regulations may be cited as the Insurance (Accounts and Statements) Regulations.

Application

2. These Regulations shall apply to the statements of accounts and other statements to which section 38(1) or 39(1) of the Act applies in respect of any accounting period.

2. [Deleted by S 467/2002 wef 01/10/2002]

Returns to be lodged by insurers

3.—(1) An insurer, to comply with section 38(1) of the Act, shall lodge statements of accounts and other statements which shall be prepared in compliance with the requirements of the First and Second Schedules and shall be in Forms 1 to 12 to be completed in accordance with this regulation.

[S 467/2002 wef 01/10/2002]

(2) There shall be lodged for each accounting period by an insurer in relation to the insurance business for which an insurance fund is maintained under the Act —

(a)

in respect of general business —

(i)	a fund balance-sheet, which shall be in Form 1, as at the end of that accounting period;
(ii)	a fund revenue account which shall be in Form 6; and
(iii)	a statement, which shall be in Form 7, giving as regards policies belonging to that class of business particulars as to premiums, claims, underwriting results and operating results during that accounting period;

(b)

in respect of life business —

(i)	a fund balance-sheet, which shall be in Form 1, as at the end of that accounting period;
(ii)	a fund revenue account which shall be in Form 2;
(iii)	separate statements, which shall be in Form 3 for individual life insurance policies, and Form 4 for group life insurance policies, giving as regards policies belonging to each type of business particulars on the issue of new policies, the termination and transfers of policies to or from the register of Singapore policies or offshore policies, as the case may be, during that accounting period and the business in force as at the end of that accounting period; and
(iv)	a statement, which shall be in Form 5, giving particulars on premiums and commissions incurred during that accounting period. [S 588/2002 wef 21/11/2002]

(3) Each of the Forms mentioned in paragraph (2)(b) shall be submitted separately for each fund maintained by the life insurer as well as for the total non-investment-linked fund, which is the total Singapore life insurance fund excluding investment-linked business.

(4) There shall be lodged for each accounting period by an insurer incorporated or established in Singapore, in respect of the insurer’s global business operations —

(a)	a balance-sheet, which shall be in Form 8, as at the end of that accounting period; and [S 31/2004 wef 21/01/2004]
(b)	a revenue and profit and loss statement which shall be in Form 9.

(5) There shall be lodged for each accounting period by an insurer incorporated or established in Singapore and registered in respect of life business, in relation to the insurer’s total life insurance operations —

(a)	a balance-sheet, which shall be in Form 10, as at the end of that accounting period; and [S 31/2004 wef 21/01/2004]
(b)	a revenue account which shall be in Form 11.

(6) There shall be lodged for each accounting period by an insurer incorporated or established outside Singapore and registered in respect of general business, a statement which shall be in Form 12 on the solvency margin of the insurer’s global business operations.

[S 31/2004 wef 21/01/2004]

Returns on actuarial investigation of life business

4.—(1) An insurer registered in respect of life business, to comply with section 39(1) of the Act in the case of any actuarial investigation, shall lodge such documents as are mentioned in this regulation.

[S 18/2002 wef 08/01/2002]

(2) There shall be lodged an abstract of the actuary’s report, prepared in compliance with the requirements of the Third Schedule, which shall be signed by the actuary and shall include —

(a)	a summary and valuation of the policies, which shall be in Form 13, as at the date of the investigation; and
(b)	a valuation result and distribution of surplus, which shall be in Form 14 for each of the separate funds maintained and one for total non-investment-linked business, as at the date of the investigation of the business to which the report relates.

(3) A direct insurer shall lodge an actuary’s report, signed by the actuary, on the financial condition of the insurer based on the solvency testing carried out by the actuary under the Insurance (Duties of Actuary) Regulations (Rg 3).

(4) Subject to paragraph (6), there shall be lodged a certificate by the actuary, signed by him, stating that he has satisfied himself as to the accuracy of the valuations made for the purposes of the investigation and as to their adequacy to meet the obligations of the insurer and made in accordance with the Act, and as to the accuracy of the data on which they are based.

(5) The actuary shall also disclose and quantify in the certificate the financial impact of any material event which occurs after the valuation date.

(6) If the actuary is not a permanent officer of the insurer, the certificate shall, so far as it relates to the accuracy of the data on which the valuations are based, be given and signed by or on behalf of the insurer’s principal officer in Singapore, and the actuary shall in his part of the certificate state the precautions taken by the actuary to ensure the accuracy of the data.

(7) There shall be lodged statements signed by the actuary analysing as at the date of the investigation the position as regards policies and premiums of the business to which the report relates.

(8) An insurer shall, on establishing its offshore insurance fund under the Act, lodge in respect of policies belonging to the life business for which the insurer has established an offshore insurance fund a summary and valuation prepared and signed by a qualified actuary of those policies as at the beginning of the accounting period, together with the report and certificate mentioned in paragraphs (3) and (4).

Returns on life solvency margin

5. There shall be lodged for each accounting period by an insurer in relation to the insurance business for which an insurance fund is maintained for Singapore policies under section 16(1) of the Act in respect of life business a statement, which shall be prepared in compliance with the requirements of Part IV of the Third Schedule and shall be in Form 15, on the fund solvency margin.

[S 467/2002 wef 01/10/2002]

[S 31/2004 wef 21/01/2004]

Provisions as to returns submitted

6.—(1) Any document to be lodged with the Authority under regulation 4 shall comply with the following requirements:

(a)	the particulars required to be in the abstract of an actuary’s report and the statement as to policies and premiums shall be so arranged that the numbers and letters of the items correspond with those in Parts I and III of the Third Schedule ; [S 467/2002 wef 01/10/2002]
(b)	the document shall be made out separately or in separate parts for business in Singapore and for business outside Singapore, and also for each part of the business outside Singapore for which a different basis of valuation is adopted;
(c)	a valuation of liabilities in respect of life policies shall, for purposes of the document or any separate part of it, be made on a basis not less stringent than the minimum basis; and if the document or part relates to business in a country outside Singapore, the basis shall not be less stringent than is required by the law of that country for any corresponding valuation of liabilities of that business; and
(d)	where the business to which the document or a separate part of it relates includes policies other than life policies, the liabilities in respect of those policies shall be valued on a basis approved by the Authority, and there shall be made such additions to or adaptations of the document or part as are necessary to show particulars of those policies and the results of the valuation.

(2) In relation to any document required to be lodged under these Regulations, all amounts shall be stated in Singapore dollars unless otherwise specified in the appropriate form, and the basis of conversion of any other currency into Singapore dollars shall be stated in each document.

(3) Documents lodged by a captive insurer to comply with sections 38 and 39 of the Act shall be excepted from section 41(2) of the Act.

[S 467/2002 wef 01/10/2002]

[S 31/2004 wef 21/01/2004]

(4) The actuary’s report lodged under regulation 4(3) shall be excepted from section 41(1) and (2) of the Act.

[S 467/2002 wef 01/10/2002]

[S 31/2004 wef 21/01/2004]

Value of assets and liabilities

7. In the documents which an insurer is required to prepare in accordance with these Regulations other than regulation 3(4), (5) and (6) and with the Insurance (Investment-Linked Life Insurance) Regulations (Rg 4), the value or amount given for an asset or a liability of the insurer shall be the value or amount of that asset or liability as determined in accordance with any applicable valuation regulations under the Insurance Regulations (Rg 1).

Lodgment and signatures of returns

8.—(1) A document to be lodged by an insurer under regulation 3, 4 or 5 shall be lodged by sending to the Authority —

(a)	in the case of an insurer other than a captive insurer, 3 copies; and
(b)	in the case of a captive insurer, 2 copies.

(2) At least one of the copies referred to in paragraph (1) shall be signed by 2 of the insurer’s directors and by or on behalf of the insurer’s principal officer in Singapore.

(3) The persons signing any balance-sheet under regulation 3(2)(a) or (b) shall lodge a certificate in the form set out in the Fourth Schedule.

[S 18/2002 wef 08/01/2002]

[S 467/2002 wef 01/10/2002]

[S 31/2004 wef 21/01/2004]

(4) Where by these Regulations a document is required to be signed by or on behalf of the insurer’s principal officer in Singapore, it shall, if not signed by that officer, be signed by one of the insurer’s officers in Singapore who is for the time being notified to the Authority as having authority for the purposes of this regulation to sign in place of the principal officer in Singapore.

(5) A document to be lodged by an insurer shall be in English, and shall be printed or, with the permission of the Authority, produced by other mechanical means approved by it.

Audit and auditor’s report

9.—(1) There shall be lodged, with any accounts and balance-sheet lodged under regulation 3(2), (4) or (5), by the auditor and signed by him, a report stating his opinion and a supplementary report in the forms set out in the Fifth Schedule.

[S 18/2002 wef 08/01/2002]

[S 467/2002 wef 01/10/2002]

(2) The supplementary report shall be excepted from section 41(1) and (2) of the Act.

[S 467/2002 wef 01/10/2002]

Deadlines for submission of returns

10. A document to be lodged by an insurer shall be lodged within 3 months after the date to which the document relates, or within 6 months in the case of the actuary’s report under regulation 4(3) or, in the case of an account or statement for an accounting period, the end of that period, unless otherwise allowed by the Authority.

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