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No. S 494

Insurance Act

(Chapter 142)

Insurance (Accounts and Statements) Regulations 2004

In exercise of the powers conferred by sections 36, 37(1), 52(1) and 64(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 (Accounts and Statements) Regulations 2004 and shall come into operation on 23rd August 2004.

Definitions

2.—(1) In these Regulations, unless the context otherwise requires —

“direct general insurer” means a direct insurer registered to carry on general business;

“direct life insurer” means a direct insurer registered to carry on life business;

“electronic record” has the same meaning as in section 2 of the Electronic Transactions Act (Cap. 88);

“general reinsurer” means a reinsurer registered to carry on general business;

“life reinsurer” means a reinsurer registered to carry on life business;

“participating fund” means an insurance fund established and maintained under section 17(2) of the Act which comprises wholly or partly of participating policies;

“policy liabilities”, in relation to an insurance fund, means liabilities in respect of policies for which the insurance fund is established and maintained under section 17 of the Act;

“quarter” means any period of 3 months beginning on 1st January, 1st April, 1st July or 1st October of any year.

(2) For the purposes of these Regulations, a reference to a registered insurer incorporated in Singapore includes a registered insurer which is a society registered under the Co-operative Societies Act (Cap. 62).

Forms

3.—(1) The forms mentioned in these Regulations are those set out in the First Schedule.

(2) Where any provision of the Act or these Regulations provides for the lodgment of a document with the Authority, that document shall be lodged with the Authority in the relevant form.

(3) A form prescribed by these Regulations shall be completed in accordance with such directions as may be specified in the form or by the Authority.

Annual returns to be lodged by insurer

4.—(1) For the purposes of section 36(1) of the Act, a registered insurer shall lodge statements of account and other statements in accordance with this regulation and regulation 5.

(2) A direct general insurer shall lodge for each accounting period, for each insurance fund established and maintained under the Act in respect of its general business —

(a)	a fund balance sheet in Form 1, as at the end of that accounting period;
(b)	a fund profit and loss account in Form 2;
(c)	a statement in Form 6, giving as regards policies belonging to that class of business particulars of premiums, claims, underwriting results and operating results during that accounting period; and
(d)	where the insurance fund is maintained for Singapore policies, a statement in Form 7, giving particulars of the accident and health benefits of each policy in respect of which the fund is maintained during that accounting period.

(3) A general reinsurer shall lodge for each accounting period, for each insurance fund established and maintained under the Act in respect of its general business —

(a)	a fund balance sheet in Form 1, as at the end of that accounting period;
(b)	a fund profit and loss account in Form 2; and
(c)	a statement in Form 6, giving as regards policies belonging to that class of business particulars of premiums, claims, underwriting results and operating results during that accounting period.

(4) A direct life insurer shall lodge for each accounting period, for each insurance fund established and maintained under the Act in respect of its life business —

(a)

a fund balance sheet in Form 1, as at the end of that accounting period;

(b)

a fund profit and loss account in Form 2;

(c)

separate statements in Form 3 for all policies issued to individuals and in Form 4 for all policies issued to groups of individuals, giving as regards policies belonging to each type of life business particulars of —

(i)	the issue of new policies;
(ii)	the termination of policies and the transfers of policies to or from the register of Singapore policies or offshore policies, as the case may be, during that accounting period; and
(iii)	the business in force as at the end of that accounting period; and

(d)

where the insurance fund is maintained for Singapore policies, a statement in Form 7, giving particulars of the accident and health benefits of each policy in respect of which the fund is maintained during that accounting period.

(5) A life reinsurer shall lodge for each accounting period, for each insurance fund established and maintained under the Act in respect of its life business —

(a)

a fund balance sheet in Form 1, as at the end of that accounting period;

(b)

a fund profit and loss account in Form 2; and

(c)

a statement in Form 5, giving as regards policies belonging to that class of business particulars of —

(i)	the issue of new policies;
(ii)	the termination of policies and the transfers of policies to or from the register of Singapore policies or offshore policies, as the case may be, during that accounting period; and
(iii)	the business in force as at the end of that accounting period.

(6) A registered insurer incorporated in Singapore shall lodge for each accounting period, in respect of the insurer’s global business operations —

(a)	a balance sheet in Form 8, as at the end of that accounting period; and
(b)	a profit and loss account in Form 9.

(7) A registered insurer incorporated outside Singapore shall lodge for each financial year, in respect of the insurer’s global business operations, a statement in Form 10 of the financial position of the insurer as at the end of that financial year.

Quarterly returns to be lodged by insurers

5.—(1) A direct general insurer shall lodge —

(a)

for each quarter, for each insurance fund established and maintained under the Act in respect of its general business —

(i)	a fund balance sheet in Form 1, excluding the Annexes and Notes (other than Annex 1F (b)), as at the end of that quarter;
(ii)	a fund profit and loss account in Form 2, excluding the Annexes; and
(iii)	a statement in Form 6, excluding the Notes, giving as regards policies belonging to that class of business particulars of premiums, claims, underwriting results and operating results during that quarter; and

(b)

for each accounting period, for each insurance fund established and maintained under the Act in respect of its general business —

(i)	a statement in Form 6, excluding the Notes, giving as regards policies belonging to that class of business particulars of premiums, claims, underwriting results and operating results during that accounting period; and
(ii)	a statement in Form 11, giving as regards policies belonging to that class of business particulars of development of premiums and claims for that accounting period and the previous 7 accounting periods prior to that accounting period.

(2) A general reinsurer shall lodge —

(a)

for each quarter, for each insurance fund established and maintained under the Act in respect of its general business —

(i)	a fund balance sheet in Form 1, excluding the Annexes and Notes, as at the end of that quarter;
(ii)	a fund profit and loss account in Form 2, excluding the Annexes; and
(iii)	a statement in Form 6, excluding the Notes, giving as regards policies belonging to that class of business particulars of premiums, claims, underwriting results and operating results during that quarter; and

(b)

for each accounting period, for each insurance fund established and maintained under the Act in respect of its general business —

(i)	a statement in Form 6, excluding the Notes, giving as regards policies belonging to that class of business particulars of premiums, claims, underwriting results and operating results during that accounting period;
(ii)	a statement in Form 11, giving as regards policies belonging to that class of business particulars of development of premiums and claims for that accounting period and the previous 7 accounting periods prior to that accounting period; and
(iii)	where the insurance fund is maintained for offshore policies, a statement in Form 12, giving as regards offshore policies belonging to that class of business particulars of reinsurance business accepted during that accounting period.

(3) A direct life insurer shall lodge —

(a)

for each quarter, for each insurance fund established and maintained under the Act in respect of its life business —

(i)

a fund balance sheet in Form 1, excluding the Annexes and Notes, as at the end of that quarter;

(ii)

a fund profit and loss account in Form 2, excluding the Annexes; and

(iii)

separate statements in Form 3 for all life policies issued to individuals and in Form 4 for all life policies issued to groups of individuals, excluding the Notes, giving as regards policies belonging to each type of life business particulars of —

(A)	the issue of new policies;
(B)	the termination of policies and the transfers of policies to or from the register of Singapore policies or offshore policies, as the case may be, during that quarter; and
(C)	the business in force as at the end of that quarter; and

(b)

for each accounting period, for each insurance fund established and maintained under the Act in respect of its life business —

(i)	a fund profit and loss account in Form 2, excluding the Annexes; and
(ii)	where the insurance fund is maintained for Singapore policies, a statement in Form 13, giving as regards policies belonging to each type of life business particulars of lapses during that accounting period.

(4) A life reinsurer shall lodge —

(a)

for each quarter, for each insurance fund established and maintained under the Act in respect of its life business —

(i)

a fund balance sheet in Form 1, excluding the Annexes and Notes, as at the end of that quarter;

(ii)

a fund profit and loss account in Form 2, excluding the Annexes; and

(iii)

a statement in Form 5, giving as regards policies belonging to that class of business particulars of —

(A)	the issue of new policies;
(B)	the termination of policies and the transfers of policies to or from the register of Singapore policies or offshore policies, as the case may be, during that quarter; and
(C)	the business in force as at the end of that quarter; and

(b)

for each accounting period, for each insurance fund established and maintained under the Act in respect of its life business, a fund profit and loss account in Form 2, excluding the Annexes.

(5) In the case of a registered insurer incorporated in Singapore, the insurer shall, in addition to the relevant forms set out in Regulation 5 to (4), lodge for each quarter in respect of its global business operations a balance sheet in Form 8, excluding the Annex and Note, as at the end of that quarter.

(6) Section 36(3) of the Act shall not apply to a registered insurer in respect of any statement of account lodged pursuant to this regulation.

Returns on actuarial investigation of life business

6.—(1) For the purposes of section 36(1) of the Act, a direct life insurer shall lodge for each accounting period —

(a)

in respect of the actuarial investigation under section 37(1) of the Act of its life business, and separately for each insurance fund established and maintained under the Act —

(i)	a statement in Form 14, giving an abstract of valuation results in respect of its life business; and
(ii)	a statement in Form 16, giving an analysis of experience of the insurance fund;

(b)

in respect of the actuarial investigation under section 37(1) of the Act of participating fund allocations to policies and to the surplus account in accordance with section 17(6) of the Act —

(i)	a statement in Form 18, giving particulars of participating fund allocations; and
(ii)	an actuary’s certificate in Form 19, which shall state the actuary’s opinion on the allocations to participating policies and to the surplus account; and

(c)

an actuary’s report on the actuarial investigation under section 37(1) of the Act of policy liabilities relating to its life business, which shall be signed by the actuary.

(2) For the purposes of section 36(1) of the Act, a life reinsurer shall lodge for each accounting period —

(a)

in respect of the actuarial investigation under section 37(1) of the Act of its life business, and separately for each insurance fund established and maintained under the Act —

(i)	a statement in Form 15, giving an abstract of valuation results in respect of its life business; and
(ii)	a statement in Form 16, giving an analysis of experience of the insurance fund; and

(b)

an actuary’s report on the actuarial investigation under section 37(1) of the Act of policy liabilities relating to its life business, which shall be signed by the actuary.

(3) For the purposes of section 36(1) of the Act, a direct life insurer shall lodge for each accounting period an actuary’s report on the prospective test of the financial condition of each insurance fund established and maintained under the Act for its life business under regulation 11(b) of the Insurance (Actuaries) Regulations 2004 (G.N. No. S 495/2004), which shall be signed by the actuary.

(4) For the purposes of section 37(1) of the Act, an insurer registered to carry on life business shall lodge for each accounting period, in respect of the actuarial investigation of policy liabilities relating to its life business —

(a)

an abstract of the actuary’s report on policy liabilities relating to its life business, which shall include the matters specified in paragraph 1 of the Second Schedule; and (b) an actuary’s certificate in Form 17, which shall —

(b)

an actuary’s certificate in Form 17, which shall —

(i)	state the actuary’s opinion on policy liabilities relating to the life business of the insurer; and
(ii)	certify that the valuation was done in accordance with any applicable requirement stipulated under the Act or a direction issued under the Act.

Returns on actuarial investigation of general business

7.—(1) For the purposes of section 36(1) of the Act, an insurer registered to carry on general business shall lodge for each accounting period an actuary’s report on the actuarial investigation under section 37(1) of the Act of policy liabilities relating to its general business, which shall be signed by the actuary.

(2) For the purposes of section 37(1) of the Act, an insurer registered to carry on general business shall lodge for each accounting period —

(a)

an abstract of the actuary’s report on policy liabilities relating to its general business, which shall include the matters specified in paragraph 2 of the Second Schedule; and

(b)

an actuary’s certificate in Form 20, which shall —

(i)	state the actuary’s opinion on policy liabilities of the general business of the insurer; and
(ii)	certify that the valuation was done in accordance with any applicable requirement stipulated under the Act or a direction issued under the Act.

Returns on fund solvency requirement and capital adequacy requirement

8. For the purposes of section 36 (1) and in relation to the requirements under section 18(1) of the Act, a registered insurer shall lodge for each accounting period —

(a)	a statement in relation to the fund solvency requirement of an insurance fund, which shall be in Form 21, for each insurance fund established and maintained under the Act;
(b)	a statement in relation to the total risk requirement of assets and liabilities of the registered insurer that do not belong to any insurance fund established and maintained under the Act, which shall be in Form 22; and
(c)	a statement in relation to the capital adequacy requirement, which shall be in Form 23.

Provisions as to returns submitted

9.—(1) All monetary amounts referred to in any document required to be lodged under these Regulations shall be in Singapore dollars unless otherwise specified in the appropriate form, and the basis of conversion of any other currency into Singapore dollars shall be stated in each such document.

(2) A registered insurer shall be exempted from section 39(1) and (3) of the Act to the extent that that section requires the insurer to send to any person or allow the inspection by any person of any document lodged under regulation 5 and any actuary’s report lodged under regulations 6(1)(c), (2)(b) and (3) and 7(1).

Values of assets and liabilities and calculation of financial resources and risk requirement

10. In any document which a registered insurer is required to prepare in accordance with these Regulations, the value or amount given for an asset or a liability of the insurer or the calculation of financial resources and risk requirement of the insurer shall be the value or amount of that asset or liability or that calculation, as the case may be, as determined in accordance with any applicable regulation under the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004) or any direction issued under the Act.

Lodgment and signature of annual returns

11.—(1) Any document to be lodged by a registered insurer under regulation 4, 6, 7 or 8 shall be lodged by sending to the Authority —

(a)	in the case of an actuary’s report lodged under regulation 6(1)(c), (2)(b) or (3) or 7(1), one original copy of the document; or
(b)	in any other case, the original and 2 copies of the document.

(2) The original document lodged by a registered insurer under paragraph (1)(b) shall bear —

(a)

in the case of any document lodged under regulation 4, 6(1)(b)(i) or 8, the signatures of —

(i)	2 directors of the insurer; and
(ii)	the principal officer of the insurer or an officer signing on behalf of the principal officer; or

(b)

in the case of any document lodged under regulation 6(1)(a), (1)(b)(ii), (2)(a) or (4) or 7(2), the signature of the actuary.

(3) The persons signing any fund balance sheet under regulation 4 or any of the documents lodged under regulation 8 shall lodge a certificate in Form 24.

(4) Where, by these Regulations, a document is required to be signed by or on behalf of a registered insurer’s principal officer in Singapore, it shall, if not signed by that officer, be signed by one of the insurer’s officers in Singapore who is for the time being notified to the Authority as having authority for the purposes of this regulation to sign in place of the principal officer in Singapore.

(5) A document to be lodged by a registered insurer shall be in English, and shall be printed or, with the permission of the Authority, produced by other mechanical means approved by it.

(6) This regulation shall not apply to any document in the form of an electronic record required to be lodged under regulation 13.

Audit and auditor’s report

12.—(1) A registered insurer shall lodge, with any statement of account and balance sheet lodged under regulation 4 —

(a)	an auditor’s report in Form 25, stating the auditor’s opinion; and
(b)	an auditor’s supplementary report in Form 26,

which shall be signed by the auditor.

Returns in electronic form

13.—(1) Subject to paragraph (3), in addition to the requirements under regulation 11, the insurer shall complete and lodge each document required to be lodged under regulation 4, 5, 6, 7 or 8 in the form of an electronic record with the Authority —

(a)	through such electronic facility; and
(b)	in such form and manner,

as may be specified by the Authority to the registered insurer.

(2) Unless otherwise required, all particulars to be inserted in the document in the form of an electronic record referred to in paragraph (1) shall be in the English language.

(3) Paragraph (1) shall not apply to any document lodged under regulation 6(1)(c), (2)(b), (3) or (4)(a) or 7(1) or (2)(a).

Annual report

14.—(1) Where the financial year of a registered insurer covers the same period as the accounting period of that insurer, the insurer shall be exempt from submitting the report referred to in section 36 (13) of the Act to the Authority in accordance with that section, subject to the condition that the insurer shall lodge its annual report with the Authority within the period specified in regulation 15 (a).

(2) Where the financial year of a registered insurer does not cover the same period as the accounting period, the insurer shall lodge with the Authority a copy of its annual report for each financial year.

(3) In this regulation, “annual report”, in relation to a registered insurer, means any report for each financial year submitted to the members of the insurer and any statement of account so submitted with respect to that year.

Deadlines for submission of returns

15. Any document to be lodged by a registered insurer shall be lodged with the Authority —

(a)

in respect of a document to be lodged by a registered insurer in accordance with regulation 11 —

(i)	in the case of the actuary’s report referred to in regulation 6(3) and the statement of the financial position of the insurer referred to in regulation 4(7), within 6 months from the last day of the period to which the document relates;
(ii)	in the case of the annual report referred to in regulation 14 of a registered insurer incorporated, outside Singapore, within 6 months from the last day of the period to which the report relates; and
(iii)	in any other case, within 14 weeks from the last day of the period to which the document relates; and

(b)

in respect of a document in the form of an electronic record to be completed and lodged in accordance with regulation 13 —

(i)	in the case of any document lodged under regulation 4, 5 (3) (b) (ii), 6, 7 or 8, within 3 months from the last day of the period to which the document relates; and
(ii)	in the case of any document lodged under regulation 5 (1) (b) (ii) or (2) (b) (ii) or (iii), within 4 months from the last day of the period to which the document relates; and
(iii)	in the case of any document lodged under regulation 5 (1) (a) or (b) (i), (2) (a) or (b) (i), (3) (a) or (b) (i), (4) or (5), within 3 weeks from the last day of the period to which the document relates.

Information on external auditor

16. A registered insurer shall furnish to the Authority information regarding the external auditor of the insurer, including the information specified in the Third Schedule, together with the documents to be lodged under section 36 of the Act.

Revocation

17. The Insurance (Accounts and Statements) Regulations (Rg 2) are revoked.

Savings and transitional provisions

18.—(1) These Regulations shall not apply to any registered insurer which carried on insurance business immediately before 23rd August 2004 for the period from 23rd August 2004 to 31st December 2004 (both dates inclusive).

(2) During —

(a)

the period referred to in paragraph (1); and

(b)

the period from the day immediately following the end of the period referred to in paragraph (1) to the day on which the registered insurer lodges the statements of account and other statements required under the Insurance (Accounts and Statements) Regulations (Rg 2) in force immediately before 23rd August 2004 in respect of the accounting period beginning 1st January 2004 and ending on 31st December 2004 (both days inclusive) (referred to in this regulation as the relevant period),

a registered insurer referred to in paragraph (1) shall —

(i)	continue to comply with the Insurance (Accounts and Statements) Regulations in force immediately before 23rd August 2004; and
(ii)	lodge the forms referred to in regulation 4(2)(a), (3)(a), (4)(a), (5)(a) and (6)(a) of these Regulations, where applicable, prepared in accordance with section 36 of the Act, by 30th April 2005.

(3) Where a registered insurer elects to comply with the Insurance (Valuation and Capital) Regulations 2004 (G.N. No. S 498/2004) and has given the Authority notice under regulation 24(4) of the Insurance (Valuation and Capital) Regulations 2004, the insurer shall, in respect of the whole or any part of the accounting period beginning 1st January 2004 and ending on 31st December 2004, as the case may be, lodge —

(a)	the statements of account and other statements required to be lodged under the Insurance (Accounts and Statements) Regulations in force immediately before 23rd August 2004 prepared in accordance with section 36 of the Act;
(b)	the forms referred to in regulation 4(2)(a), (3)(a), (4)(a), (5)(a) and (6)(a) of these Regulations, where applicable, prepared in accordance with section 36 of the Act, by 30th April 2005;
(c)	the forms referred to in regulation 5(1)(a)(i), (2)(a)(i), (3)(a)(i), (4)(a)(i) and (5) of these Regulations, where applicable, by 21st January 2005; and
(d)	the forms referred to in regulations 6(1)(a)(i) and (b), (2)(a)(i) and (4)(b), 7(2)(b) and 8 of these Regulations, where applicable, prepared in accordance with section 36 of the Act, by 30th April 2005.

Made this 23rd day of August 2004.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[ID 05.1 V.31; AG/LEG/SL/142/2002/1 Vol. 5]