Exemptions in respect of regulation 20 of Insurance Regulations
5.—(1)  Regulation 20(2A) of the Insurance Regulations (Rg 1) shall not apply to any captive insurer.
(2)  For the purposes of regulation 20(3) of the Insurance Regulations, the captive insurer may at its option, instead of calculating the premiums in the manner specified in regulation 20(4) of the Insurance Regulations, calculate the premiums based on the net amount of the premiums received in the accounting period after deduction of return premiums and payments in respect of reinsurances or retrocessions.