Insurance (Amendment No. 2) Regulations 1998

No. S 270

Insurance Act

(Chapter 142)

Insurance (Amendment No. 2) Regulations 1998

In exercise of the powers conferred by section 66 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 (Amendment No. 2) Regulations 1998 and shall be deemed to have come into operation on 14th April 1998.

Amendment of regulation 2

2. Regulation 2 of the Insurance Regulations (Rg 1) is amended —

(a)	by deleting the words “$1 million” in paragraph (1)(c) and substituting “$400,000”; and
(b)	by deleting paragraph (2).

Amendment of regulation 3

3. Regulation 3 of the Insurance Regulations is amended —

(a)

by deleting the words “or captive insurer” in the first line of paragraph (1)(b);

(b)

by inserting, immediately after sub-paragraph (b) of paragraph (1), the following sub-paragraph:

“(ba)

for a fund established by a captive insurer relating to Singapore policies, it shall not be less than —

(i)	$400,000;
(ii)	20% of net premium income of the fund in the preceding accounting period; or
(iii)	20% of loss reserves of the fund as at the end of the preceding accounting period,

whichever is the highest;” and

(c)

by deleting the words “$1 million” in paragraph (6)(c) and substituting “$400,000”.

Amendment of regulation 16

4. Regulation 16 of the Insurance Regulations is amended by deleting the word “accepted” in the penultimate line of the definition of “written premiums”.

[G.N. Nos. S 497/93; S 191/94; S 496/97; S 79/98]

Made this 14th day of April 1998.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[IC 05.1 V13; AG/LEG/SL/142/96/1 Vol. 1]

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