Insurance Intermediaries Regulations 1999 - Singapore Statutes Online

No. S 586

Insurance Intermediaries Act 1999

(Act 31 of 1999)

Insurance Intermediaries Regulations 1999

In exercise of the powers conferred by section 41 of the Insurance Intermediaries Act 1999, 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 Intermediaries Regulations 1999 and shall come into operation on 31st December 1999.

Definitions

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

“applicant” means an applicant for registration as an insurance broker referred to in section 16 of the Act;

“net asset value”, in relation to a company, means the excess of the value of the assets owned by the company over its liabilities.

(2) For the purposes of these Regulations, in determining the value of the assets owned by a company, any amount on account of goodwill or of any other intangible assets shall be disregarded.

(3) For the purposes of these Regulations, in determining the amount of the liabilities of a company, all contingent or prospective liabilities shall be taken into account but not any amount on account of any liability related to the share capital of the company.

Made this 16th day of December 1999.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[ID 05.1 Vol. 17; AG/LEG/SL/142/96/1 Vol. 1]

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