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No. S 271

Insurance Act

(Chapter 142)

Insurance (Accounts and Statements) (Amendment) 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 (Accounts and Statements) (Amendment) Regulations 1998 and shall be deemed to have come into operation on 14th April 1998.

Amendment of regulation 6

2. Regulation 6 of the Insurance (Accounts and Statements) Regulations (Rg 2) (referred to in these Regulations as the principal Regulations) is amended by deleting paragraph (4).

Amendment of regulation 8

3. Regulation 8 of the principal Regulations is amended by deleting paragraph (1) and substituting the following paragraphs:

“(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.

(1A) 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.”.

Amendment of First Schedule

4.—(1) Form 2 in Part II of the First Schedule to the principal Regulations is amended —

(a)

by deleting the words “Head office expenses” in Row 12 of the “OUTGO” column and substituting the words “Head office or parent company expenses”; and

(b)

by deleting paragraph 13 of the “Instructions for completion of Form 2” and substituting the following paragraph:

“13. “Head office or parent company expenses” refer to charges or common expenses incurred by head office or regional office or parent company for services rendered to or on behalf of its branch or subsidiary in Singapore.”.

(2) Form 6 in Part III of the First Schedule to the principal Regulations is amended —

(a)

by deleting the words “Head Office expenses” in Row 7 of the “OUTGO” column and substituting the words “Head office or parent company expenses”; and

(b)

by deleting paragraph 11 of the “Instructions for completion of Form 6” and substituting the following paragraph:

“11. “Head office or parent company expenses” refer to charges or common expenses incurred by head office or regional office or parent company for services rendered to or on behalf of its branch or subsidiary in Singapore.”.

Amendment of Fifth Schedule

5. The Fifth Schedule to the principal Regulations is amended by deleting the words “Certified Public Accountants, Singapore” wherever they appear and substituting in each case the words “Certified Public Accountants”.

[G.N. Nos. S 498/93; S 217/95]

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]