2. Regulation 32 of the Insurance Regulations (Rg 1) is deleted and the following regulation substituted therefor:| “Annual fees for insurers |
32.—(1) Except as provided in paragraph (4), a registered insurer, other than a captive insurer or a Protection and Indemnity Club, shall pay to the Authority the following annual fees:| (a) | for carrying on life insurance business, other than life reinsurance business —| (i) | in the case of an insurer with total assets not exceeding $2 billion, a fee of $75,000; and | | (ii) | in the case of an insurer with total assets exceeding $2 billion, a fee of $120,000; |
| | (b) | for carrying on general insurance business, other than general reinsurance business —| (i) | in the case of an insurer with gross premiums not exceeding $100 million, a fee of $60,000; and | | (ii) | in the case of an insurer with gross premiums exceeding $100 million, a fee of $80,000; |
| | (c) | for carrying on life reinsurance business —| (i) | in the case of a reinsurer with gross premiums not exceeding $100 million, a fee of $30,000; and | | (ii) | in the case of a reinsurer with gross premiums exceeding $100 million, a fee of $40,000; |
| | (d) | for carrying on general reinsurance business —| (i) | in the case of a reinsurer with gross premiums not exceeding $100 million, a fee of $30,000; and | | (ii) | in the case of a reinsurer with gross premiums exceeding $100 million, a fee of $40,000; and |
| | (e) | for carrying on any combination of the insurance business referred to in sub-paragraphs (a) to (d), the aggregate of the respective fees. |
| (2) A captive insurer shall pay to the Authority an annual fee of $5,000. |
| (3) A Protection and Indemnity Club shall pay to the Authority an annual fee of $50,000. |
(4) A registered insurer, other than a captive insurer or a Protection and Indemnity Club, which has not carried on the relevant type of insurance business in Singapore referred to in paragraph (1) previously, or which has carried on the relevant type of insurance business referred to in paragraph (1) for less than one accounting period, and has not lodged the relevant statements relating to total assets or gross premiums under section 36 of the Act, shall pay the following fees:| (a) | for carrying on life insurance business, other than life reinsurance business, a fee of $75,000; | | (b) | for carrying on general insurance business, other than general reinsurance business, a fee of $60,000; | | (c) | for carrying on life reinsurance business, a fee of $30,000; | | (d) | for carrying on general reinsurance business, a fee of $30,000; | | (e) | for carrying on any combination of the insurance business referred to in sub-paragraphs (a) to (d), the aggregate of the respective fees. |
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| (5) Except as provided in paragraph (6), the fees payable under paragraphs (1) to (4) shall be paid to the Authority on or before 1st January of each year. |
| (6) Where an insurer has not previously carried on insurance business in Singapore, or has not previously carried on the relevant type of insurance business in Singapore, the fees payable under paragraphs (1) to (4) shall be paid to the Authority before the insurer commences carrying on insurance business in Singapore or before the insurer commences carrying on the relevant type of insurance business in Singapore, as the case may be. |
| (7) For the purposes of paragraph (1), the total assets or gross premiums of any registered insurer shall include the total assets or gross premiums, as the case may be, of any other registered insurer (other than captive insurers or Protection and Indemnity Clubs) which insurance business had been totally acquired by the registered insurer before 1st January of the year for which the fees are to be paid. |
| (8) Where a registered insurer enters into an agreement to purchase the whole of the insurance business of one or more registered insurers (referred to in this regulation as the potential constituent insurer), but the agreement is only to take effect on or after 1st January of the next year, the registered insurer may, before the date that the agreement is to take effect, apply to the Authority for the exemption of part of the fees to be paid by the registered insurer and the potential constituent insurers under paragraph (1). |
(9) Where, upon an application under paragraph (8), the Authority agrees to exempt part of the fees to be paid by the registered insurer and the potential constituent insurers under paragraph (1), the fees payable by the registered insurer and the potential constituent insurers shall be in accordance with the following formulae:| (a) | fees payable by the registered insurer — | | (b) | fees payable by the constituent potential insurer — | | is the total assets or total premiums, as the case may be, of the registered insurer; |
| | | is the total assets or total premiums, as the case may be, of the potential constituent insurer; |
| | | is the total assets or total premiums, as the case may be, of the registered insurer and all potential constituent insurers; and |
| | | is the fee payable under paragraph (1) based on the combined total assets or gross premiums, as the case may be, of the registered insurer and all potential constituent insurers. |
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(10) In this regulation —“gross premiums” means —| (a) | in relation to a direct general insurer or general reinsurer, the aggregate of the gross premiums for the Singapore Insurance Funds and the Offshore Insurance Fund specified in the statement of premiums, claims and underwriting results in Form 7 in the First Schedule to the Insurance (Accounts and Statements) Regulations (Rg 2) lodged by the insurer or reinsurer, as the case may be, in the year immediately preceding the year for which the fees are to be paid; | | (b) | in relation to a life reinsurer —| (i) | for fees payable on or before 1st January 2003, the aggregate of the gross premiums for the Singapore Insurance Fund and the Offshore Insurance Fund specified in the statement of individual life insurance policies and statement of group life insurance policies in Forms 3 and 4, respectively, in the First Schedule to the Insurance (Accounts and Statements) Regulations lodged by the reinsurer in the year immediately preceding the year for which the fees are to be paid; | | (ii) | for fees payable after 1st January 2003, the aggregate of the gross premiums for the Singapore Insurance Fund and the Offshore Insurance Fund specified in the statement of life reinsurance policies (group and individual) in Form 3A in the First Schedule to the Insurance (Accounts and Statements) Regulations (Rg 2) lodged by the reinsurer in the year immediately preceding the year for which the fees are to be paid; |
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| “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 carry on protection and indemnity insurance business only; |
| “protection and indemnity insurance business” means the business of insuring against third party liabilities and expenses arising from owning, or operating, ships as principals; |
| “total assets”, in relation to a direct life insurer, means the aggregate of the total assets for the Singapore Insurance Fund and the Offshore Insurance Fund specified in the fund balance-sheet in Form 1 in the First Schedule to the Insurance (Accounts and Statements) Regulations lodged by the insurer in the year immediately preceding the year for which the fees are to be paid.”. |
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[G.N. Nos. S 586/99; S16/2002; S 466/2002] |
