Insurance (Exemption for Captive Insurers) Regulations 2002

No. S 17

Insurance Act

(Chapter 142)

Insurance (Exemption for Captive Insurers) Regulations 2002

In exercise of the powers conferred by section 52(1) of the Insurance Act, the Monetary Authority of Singapore hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Insurance (Exemption for Captive Insurers) Regulations 2002 and shall come into operation on 8th January 2002.

Exemption from sections 14 and 37 of Act

2. Sections 14 and 37 of the Act shall not apply to any captive insurer.

Exemption from section 31 (1) (b) of Act

3.—(1) Subject to paragraph (2), section 31(1)(b) of the Act shall not apply to any captive insurer.

(2) Paragraph (1) shall only apply if the captive insurer —

(a)	notifies the Authority of the appointment of any new director and any change in the appointment of its existing directors as soon as practicable after the appointment or change of appointment; and
(b)	provides the Authority with such information relating to the appointment and change of appointment as the Authority may require.

Exemption from section 46 of Act

4. Section 46 of the Act shall not apply to —

(a)	any captive insurer; or
(b)	any policy owner or other person who has been or may be prejudiced in consequence of the inability of any captive insurer to meet its liability under insurance policies issued by it.

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.

Made this 4th day of January 2002.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[ID 05.1 Vol. 27; AG/LEG/SL/142/2002/1 Vol. 1]

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