Insurance (Amendment) Regulations 1997

Status:

Published in Subsidiary Legislation Supplement
on 07 Nov 1997

No. S 496

Insurance Act

(Chapter 142)

Insurance (Amendment) Regulations 1997

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) Regulations 1997 and shall be deemed to come into operation on 27th October 1997.

Amendment of regulation 2

2. Regulation 2 of the Insurance Regulations (Rg 1) is amended by deleting paragraph (1) and substituting the following paragraph:

“(1) For the purposes of section 8(1)(c) of the Act, the paid-up share capital of an insurer or, where an insurer does not have a share capital, its surplus of assets over liabilities, shall be as follows:

(a)	in the case of any insurer or reinsurer (other than a captive insurer) registered under the Act before 27th October 1997, an amount not less than $25 million by 1st January 2000;
(b)	in the case of any insurer or reinsurer (other than a captive insurer) registered under the Act on or after 27th October 1997, an amount not less than $25 million; and
(c)	in the case of a captive insurer, an amount not less than $1 million.”.

Amendment of regulation 32

3. Regulation 32 of the Insurance Regulations is amended by deleting paragraph (1) and substituting the following paragraph:

“(1) A registered insurer, other than a reinsurer or a captive insurer, shall pay to the Authority the following fees on or before 1st January of each year:

(a)	for carrying on life business, a fee of $60,000;
(b)	for carrying on general business, a fee of $50,000; or
(c)	for carrying on both life business and general business, a fee of $110,000.”.

[G.N. Nos. S 497/93; S 191/94]

Made this 27th day of October 1997.

LEE EK TIENG

Managing Director,
Monetary Authority of Singapore.

[IC 05.1 V12; AG/LEG/SL/142/96/1 Vol. 1]

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