Paid-up capital requirement
3.  For the purposes of section 9(1)(c) of the Act, the Authority shall not register an applicant as a direct insurer or reinsurer under section 8 of the Act unless the applicant has a paid-up ordinary share capital (or its equivalent recognised by the Authority as applicable to the applicant under the laws of the country or territory in which the applicant is incorporated, formed or established) of no less than —
(a)in the case of an applicant applying to be a direct insurer carrying on only one of the types of insurance business listed in Table 3 of the Sixth Schedule, $5 million;
(b)in the case of an applicant applying to be a direct insurer other than a direct insurer referred to in sub-paragraph (a), $10 million; and
(c)in the case of an applicant applying to be a reinsurer, $25 million.