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No. S 468

Insurance Act

(Chapter 142)

Insurance (Protection and Indemnity Clubs) Regulations 2002

In exercise of the powers conferred by sections 18, 52(1) and 64 of the Insurance Act, the Monetary Authority of Singapore hereby makes the following Regulations:

PART I

PRELIMINARY

Citation and commencement

1. These Regulations may be cited as the Insurance (Protection and Indemnity Clubs) Regulations 2002 and shall come into operation on 1st October 2002.

Definitions

2. In these Regulations —

“Protection and Indemnity Club” means an insurer registered under section 8 of the Act as a direct insurer to carry on general class of insurance business who is permitted under his licence to underwrite only protection and indemnity risks ;

“protection and indemnity insurance” means insurance in respect of third party liabilities and expenses arising from owning, or operating, ships as principals.

Made this 11th day of September 2002.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[ID 05.1 V.29; AG/LEG/SL/142/2002/1 Vol. 1]